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New York Community Bancorp is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. New York Community Bancorp has market-leading positions in several national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. The company is the 2nd largest multi-family portfolio lender in the country and the leading multi-family portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Flagstar Mortgage is the 7th largest bank originator of residential mortgages, while the company is the industry's 5th largest sub-servicer of mortgage loans nationwide, servicing 1.6 million accounts with $412 billion in unpaid principal balances. Additionally, the company is the 2nd largest mortgage warehouse lender nationally based on total commitments.

Taconic Investment Partners invests in and manages commercial real estate in the New York metropolitan area. It owns about 10 office, multifamily residential, and mixed-use properties totaling more than 7 million sq. ft. of space in Manhattan, Brooklyn, the Bronx, and Coney Island. The company's Taconic Management division handles property management, leasing, and construction management duties. Founded in 1997 by co-CEOs Charles Bendit and Paul Pariser, Taconic Investment Partners has also owned properties in Atlanta, Chicago, and Washington, DC.

The Partnership for New York City is a group of business leaders pledged to work for the economic and cultural betterment of all five boroughs. To achieve its goal of maintaining New York City's position as the global center of commerce, culture, and innovation, it conducts research, participates in policy making, lobbies government, and invests in economic development efforts. Its many partners include American Express, Con Edison, Macys, Tiffany & Co. The group was formed in 2002 from a combination of two already-affiliated organizations with complementary missions: the New York City Partnership, founded by David Rockefeller in 1979, and the New York Chamber of Commerce and Industry, which was formed in 1768.

The news broke last Friday that NYCB had been calling employees at branches throughout Long Island, Staten Island, Florida, Arizona and Ohio into meetings to be let go. Because the layoffs were done over a variety of locations, they were not subject to the federal WARN Act, which requires businesses laying off at least 25 workers at one site to notify the public 90 days in advance.

[Joseph Ficalora] said NYCB branch staffers speak 29 languages, ranging from Russian to Szechuan Chinese. We even have one who speaks Swahili, he said. We have multiple people who speak various sects of Indian dialects. Banks are putting a premium on hiring people who speak multiple languages, and come from other cultures. In Hicksville, banks such as HSBC are hiring people of Indian descent, while NYCB posts signs looking for local people who speak languages common in particular areas.

Both of the acquired banks will be part of NYCB's new commercial unit, New York Commercial Bank. Long Island Financial's 12 branches will be renamed New York Commercial. No decision has been made on the moniker for Atlantic's 17 branches. [Joseph Ficalora] added that he didn't expect any branch closings tied to the Atlantic Bank merger. There is, however, some overlap. For instance, in Hicksville, Long Island Financial and New York Community have branches - as does Atlantic Bank.