UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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CURRENT REPORT ON FORM 8-K
| ITEM 5.02: | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 19, 2019, James J. Carpenter, Senior Executive Vice President and Chief Lending Officer of New York Community Bancorp, Inc. (the “Company”) advised the Company of his intention to transition from his current position to a consulting relationship with the Company, effective January 1, 2020.
The Company and Mr. Carpenter have entered into a three-year consulting agreement that will allow the Company to take continuing advantage of Mr. Carpenter’s extensive knowledge of the Company’s lending operations and the banking industry. It is expected that Mr. Carpenter will continue to play a significant role in the lending process by providing advisory services to the Company’s loan officers and to the Mortgage and Real Estate Committee of the Board of Directors of New York Community Bank. Mr. Carpenter will also advance the interests of the Company with the various stakeholders in the lending process.
The agreement has an initial three-year term, beginning on January 1, 2020. After the initial term, the agreement will automatically extend for an additional year each year unless either party gives notice of an intent not to extend the term. As consideration for his services, Mr. Carpenter will receive a monthly consulting retainer and will continue to vest in certain stock-based benefits. The agreement incorporates customary restrictive covenants applicable to Mr. Carpenter’s business activities in the Bank’s key market areas while he provides consulting services and for a two-year period thereafter. The Company expects to file the consulting agreement as an exhibit to its Annual Report on 10-K for the period ended December 31, 2019.
Mr. Carpenter will be succeeded in his position by Executive Vice President John. T. Adams, who currently serves as the Company’s Chief Credit Officer. Mr. Adams has served in positions of increasing responsibility with the Company and New York Community Bank since joining the Company in 2000 in conjunction with its acquisition of Haven Bancorp, Inc., the parent of CFS Bank, where he began his career. Overall he has over 36 years of banking, lending and credit experience.
SIGNATURE
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.
| Date: December 20, 2019 | NEW YORK COMMUNITY BANCORP, INC. |
| /s/ Salvatore J. DiMartino | |
| Salvatore J. DiMartino | |
| First Senior Vice President and Director, | |
| Investor Relations and Strategic Planning |