New York Community Bancorp in Westbury and Astoria Financial in Lake Success, N.Y., are one step closer to completing their merger.
The companies' shareholders, during separate special meetings Tuesday, approved New York Community's agreement to buy Astoria. More than 97% of the votes cast at both meetings favored the deal, New York Community said in a press release.
The acquisition is still waiting for regulatory approval.
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Competitive pricing and softening demand at the high end of the apartment- and condo-building market had executives at BankUnited, Signature and New York Community answering tough questions about their growth projections and diversification strategies.
April 20 -
Recent steps by New York Community Bancorp to lower its borrowing costs paid off last quarter in higher net interest income and profits.
April 20
The $48.5 billion-asset New York Community had long been looking for an acquisition to propel it over $50 billion of assets, a threshold where it would be considered systematically important and be subject to more regulatory scrutiny. New York Community
