The Board of Directors of New York Community Bancorp, Inc. (NYSE: NYCB) today announced the appointment of Thomas R. Cangemi, Senior Executive Vice President and Chief Financial Officer, as President and Chief Executive Officer of both the Company and New York Community Bank (the "Bank"), effective December 31, 2020. Mr. Cangemi will also become a Director on both Boards. After 55 years of service, Joseph R. Ficalora will retire from his positions with the Company and its subsidiaries, including as President, Chief Executive Officer, and Director. Mr. Ficalora's retirement follows a long and distinguished banking career, the entirety of which was spent with New York Community and its predecessor bank, Queens County Savings Bank. Under his stewardship, the Bank grew from less than $1 billion in assets and eight branches in New York, at the time of its IPO in 1993, to $55 billion in assets and 236 branches across five states today.
Mr. Cangemi joined New York Community in 2001 as part of the merger-of-equals with Richmond County Financial Corp., where he served as Chief Financial Officer, and was named Senior Executive Vice President and Chief Financial Officer of NYCB in 2005. Since joining the Company, Mr. Cangemi has been responsible for a number of areas within finance, including strategic planning. Prior to Richmond County, he served as CFO at two New York-based community banks. Mr. Cangemi, who has 29 years of banking experience, started his career at KPMG LLP, where he was a member of the Financial Services Practice.
Michael J. Levine, Presiding Director and Chair of the Nominating and Corporate Governance Committee, stated, "Tom has been a valuable member of NYCB's senior executive management team and has played an important role in the Company's growth and success. Having worked alongside Joe, Tom knows the Bank extremely well and has a wide range of expertise and a demonstrated ability to deliver strong operating results. Tom is held in high-regard inside of the organization and is well-respected by Wall Street analysts and the investment community. The Board has the utmost confidence that he is the right person to assume the CEO role and looks forward to NYCB's next chapter under his leadership."
Mr. Cangemi said, "I would like to thank the Board and Joe for placing their confidence in me and I am honored to become our next President and CEO. I am dedicated to working with our executive management team to develop ways to enhance our performance and evolve our business model, while maintaining our conservative underwriting practices. I am also looking forward to working with all of our constituencies, including our Board, employees, customers, regulators, and the communities that we serve. Importantly, I am firmly committed to increasing shareholder value."
Mr. Cangemi continued, "It has been a privilege to have worked with Joe for the last 20 years and I am grateful for all of his contributions to the Company. NYCB would not be the same organization we know today without his vision and leadership. He is retiring having built one of the top banks in the country."
Mr. Levine added, "The Board and I appreciate Joe's decades of service and dedication to the Bank. He has been instrumental to the organization's growth and success, and we wish him all the best in his retirement."
Mr. Ficalora stated, "I am thankful for the support and confidence shown to me by the Board during my tenure as President and CEO. I have worked closely with Tom for two decades and know that he, along with John Pinto and Robert Wann, our Chief Operating Officer, will continue to do an excellent job guiding the Company and serving our shareholders. As I transition, I would like to thank all of our employees for their tremendous work and dedication and I look forward to watching NYCB's success for years to come."
As part of this plan, the Board has appointed John J. Pinto as Executive Vice President and Chief Financial Officer. Mr. Pinto has also been with the Company for 20 years, most recently serving as Executive Vice President and Chief Accounting Officer since April 2005. He joined the Company in 2001 in connection with the Richmond County Financial Corp., merger-of-equals and overall has 26 years of banking experience. Upon joining the Company, he served as Senior Vice President and then First Senior Vice President, in the Capital Markets Group. Prior to Richmond County, he was at American Express Bank. He began his career at Ernst & Young, LLP, where he was a member of their Financial Services Group.
Mr. Cangemi added, "John's appointment as our new Chief Financial Officer is well deserved. John and I have worked closely together for 22 years, and he has been an integral part of our management team at NYCB since day one. I believe that he will do a fantastic job as our new CFO and I look forward to his continued contributions in his new role."
About New York Community Bancorp, Inc.
Based in Westbury, NY, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank. At September 30, 2020, the Company reported assets of $54.9 billion, loans of $42.9 billion, deposits of $31.7 billion, and stockholders' equity of $6.7 billion.
Reflecting our growth through a series of acquisitions, the Company operates 236 branches through eight local divisions, each with a history of service and strength: 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.
