New York Community Bancorp Inc. | 6.375% Share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock (NYCB.PRA)
Prospectus excerpt: Each of the depositary shares offered hereby (the Ùdepositary sharesˆ) represents a 1/40th ownership interest in a share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, par value $0.01 per share (the ÙSeries A Preferred Stockˆ), with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share), of New York Community Bancorp, Inc., deposited with Computershare, Inc. and Computershare Trust Company, N.A., as joint depositary. The depositary shares are evidenced by depositary receipts. As a holder of the depositary shares, you are entitled to all proportional rights and preferences of the Series A Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary. We will pay dividends on the Series A Preferred Stock only when, as and if declared by our board of directors (or a duly authorized committee of the board) and to the extent that we have legally available funds to pay dividends. Dividends will accrue on the liquidation amount of $1,000 per share of the Series A Preferred Stock at a rate per annum equal to (i) 6.375% from the original issue date of the Series A Preferred Stock to but excluding March 17, 2027; and (ii) a floating rate equal to Three-month LIBOR (as defined elsewhere in this prospectus supplement) plus 382.1 basis points from and including March 17, 2027. Fixed rate dividends will be payable in arrears on March 17, June 17, September 17 and December 17 of each year, commencing on June 17, 2017, through and including March 17, 2027, and floating rate dividends will be payable in arrears on March 17, June 17, September 17 and December 17 of each year, commencing on June 17, 2027. Dividends on shares of the Series A Preferred Stock will not be cumulative and will not be mandatory. Payment of dividends on the Series A Preferred Stock is subject to certain legal, regulatory and other restrictions as described elsewhere in this prospectus supplement. We are currently required to receive a non-objection from the Board of Governors of the Federal Reserve System (the ÙFRBˆ) to the declaration of dividends prior to declaring any dividends payable to our shareholders.
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New York Community Bancorp is a bank holding company. Through its subsidiary, New York Community Bank (The Bank), Co. operates through eight local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio: and AmTrust Bank in Florida and Arizona. Co. is also a producer of multi-family loans in New York City, with an emphasis on non-luxury residential apartment buildings with rent-regulated unit. Preferreds: NYCB.PRU, NYCB.PRA Open the NYCB Information Page » |
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