UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 2005
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NEW YORK COMMUNITY BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-31565 06-1377322
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(State or other jurisdiction Commission File Number (I.R.S. Employer
of incorporation or Identification No.)
organization)
615 Merrick Avenue, Westbury, New York 11590
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(Address of principal executive offices)
Registrant's telephone number, including area code: (516) 683-4100
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Not applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
CURRENT REPORT ON FORM 8-K
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Item 1.01 Entry Into Material Definitive Agreement
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Effective December 30, 2005, the Board of Directors of New York Community
Bancorp, Inc. (the "Company") accelerated the vesting of, and vested, all
unvested options to acquire the Company's common stock that were outstanding at
that date (the "Acceleration"). A total of 1.4 million options, of which 86.5%
were originally scheduled to vest on January 21, 2006, were impacted by the
Acceleration. As a result of the Acceleration, and based on estimated
Black-Scholes value calculations, the Company expects to avoid recognition of
pre-tax compensation expense related to the accelerated options of approximately
$864,000 in 2006 and $22,000 in 2007 that the Company otherwise would have had
to recognize when the Company becomes subject to the requirements of Financial
Accounting Standards Board Statement No. 123R "Share-Based Payment" on January
1, 2006. Under applicable accounting guidance, the Company currently does not
expect to record a charge related to the Acceleration. All other terms and
conditions of the accelerated options remained unchanged as a result of the
Acceleration.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
December 30, 2005 NEW YORK COMMUNITY BANCORP, INC.
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Date
/s/ Joseph R. Ficalora
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Joseph R. Ficalora
President and Chief Executive Officer