Relevant Statistics:

Aggregate Offering Size: $345.8 million
Offering Price Per Share: $19.35
Shares Offered: 17,871,000
Offering discount to last trade: 1.73%
Pro Forma Market Capitalization: $6.6 billion

Background:

New York Community Bancorp, through its subsidiaries, is a leading producer of multi-family loans in New York City and the fourth largest thrift depository in the New York MSA.

The Company strategically decided to pre-pay approximately $4 billion of higher-cost wholesale borrowings and intended that the use of proceeds of such an offering would offset the negative financial impact. The higher cost wholesale borrowings would subsequently be replaced with new wholesale borrowings at substantially lower rates. It is anticipated that these steps would have an immediate beneficial impact on net interest margin and diluted earnings per share.

Raymond James’ Role:

Based on our strong relationship with New York Community, Raymond James was asked by the Company to solely execute a ‘stealth-marketed’ equity offering using the existing shelf registration statement.

Given the discreet nature of the deal to limit any market impact, there was no announcement of the offering until after pricing on May 19, 2008. Marketing for the transaction began on May 15, 2008.

Successful Outcome:

On May 23, 2008, Raymond James successfully completed the $346 million common stock offering for the Company, placing 17.9 million shares at $19.35 per share in a sole managed deal.

The shares were sold at a discount of $0.34, or 1.72%, to New York Community’s closing price of $19.69. The Company received approximately $339.1 million in net proceeds from the offering.