Synergy sets special meeting date; shareholders to decide merger with New York Community Bancorp

By Lisa Kerner

Charlotte, N.C., Aug. 6 - Synergy Financial Group, Inc. set Sept. 18 as the special meeting date for its shareholders to vote on the proposed merger with New York Community Bancorp, Inc. The record date for the meeting is July 27.

Under the merger agreement, approved by Synergy's board, stockholders will receive 0.8 of a share of New York Community common stock for each of their shares. The stock (Nasdaq: SYNF) closed at $12.87 on July 27, according to a schedule 14A filing with the Securities and Exchange Commission.

As previously reported, Synergy directors and certain executive officers collectively owning 11.6% of the company's outstanding stock agreed to vote in favor of the transaction, which has a total estimated value of $168.4 million.

The transaction will add 20 branches to New York Community Bancorp's franchise of 32 branches in New Jersey. New York Community Bancorp acquired 24 of its New Jersey branches from PennFed Financial Services, Inc. on April 2.

New York Community Bancorp is based in Westbury, N.Y., and is the holding company for New York Community Bank and New York Commercial Bank. Cranford, N.J.-based Synergy Financial Group is the holding company for Synergy Bank and Synergy Financial Services, Inc.

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