Synergy shareholders OK deal with New York Community Bancorp

By Lisa Kerner

Charlotte, N.C., Sept. 18 - Synergy Financial Group, Inc. shareholders approved the company's acquisition by New York Community Bancorp, Inc. at a special meeting on Tuesday.

As a result, Synergy will merge with and into New York Community Bancorp and Synergy Bank will merge with and into New York Community Bank sometime in early October, pending regulatory approvals.

"We are grateful to Synergy's shareholders for their approval of this transaction, and for this opportunity to expand our Community Bank franchise in the Garden State," New York Community Bancorp chairman, president and chief executive officer Joseph R. Ficalora said in a company news release.

"With the addition of Synergy's 21 branches, we will have 53 locations serving customers in northern and central New Jersey - a meaningful complement to our 165 locations in New York City, Long Island, and Westchester County in New York."

Prior to the special meeting, Synergy president and CEO John S. Fiore said the merger was "an opportunity for our shareholders to enjoy a potentially greater return on their investment, as they benefit from New York Community's generous dividend payment and from what we believe are its prospects for future earnings growth."

Under the May 14 merger agreement, Synergy shareholders will receive 0.8 of a share of New York Community common stock for each of their Synergy shares in a transaction valued at an estimated $168.3 million.

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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