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New York Community Bank (NYCB) is the savings bank subsidiary of the publicly traded company New York Community Bancorp. New York Community Bancorp is the fourth largest thrift in the United States and the largest in New York State.[1] It is also the leading producer of multi-family loans for portfolio in New York City.[2]
NYCB was founded in 1859 in Flushing, Queens as Queens County Savings Bank, and changed their name on December 15, 2000 to New York Community Bank to better reflect their market area beyond Queens.
NYCB serves New York City, Long Island, and Westchester County through its Queens County Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, Roslyn Savings Bank, and CFS Bank divisions. Additionally, NYCB operates one branch, in Co-op City in the Bronx under the New York Community Bank name. It serves northern New Jersey through its newly formed Garden State Community Bank division, which consolidated four divisions: First Savings Bank of New Jersey, Ironbound Bank, Penn Federal Savings Bank, and Synergy Bank. Customers of NYCB can make transactions at any branch regardless of division.
Additionally, New York Community Bancorp has a second, commercial banking subsidiary, New York Commercial Bank (formerly Long Island Commercial Bank), which operates two divisions, New York Commercial Bank and Atlantic Bank of New York.
New York Community Bank operates branches under the following divisional brands:
First Savings Bank of NJ has four branches exclusively in the City of Bayonne, NJ. It was founded in 1889 and joined NYCB in July 2001.
Ironbound Bank serves Essex and Union Counties in New Jersey through four branches. It was named for the section of Newark, NJ in which it was founded, in 1988. It joined NYCB in 2001.
On April 2, 2007, NYCB acquired Penn Federal Savings Bank, adding branches in East Central and North East New Jersey. In 1941, 11 building and loan associations in the Ironbound section of Newark consolidated under the name of Penn Federal Savings and Loan Association. The S&L later changed its name to Penn Federal Savings Bank, to associate the bank with the community's centerpiece, Penn Station.
On October 1, 2007, NYCB acquired Synergy Bank of Cranford, New Jersey. Synergy Bank began in the early 1950s, when employees of one of New Jersey’s major pharmaceutical firms formed a federal credit union. In 1998, the credit union’s members voted to convert to a savings institution.
In late 2007, NYCB purchased Synergy Bank, a former credit union established in the early 1950s, which has branches throughout northern and central New Jersey. In March 2009, NYCB will rebrand the Synergy branches to Garden State Community Bank. All Synergy customers' accounts will then be transfered to the NYCB system and will be accessible at any Garden State Community bank branch.
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Last updated on Monday September 24, 2007 at 05:23:47 PDT (GMT -0700)
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