New York Community Bancorp Inc.
) declared that it has completed transforming its operating systems
across all 68 of its branches in Ohio, Florida and Arizona. The
company has placed these systems on similar standards that it uses
in its New York and New Jersey branches. The integration was closed
on September 2.
The changes will help its customers carry out transactions at any
of its branches. In addition to improving the bank's operating
efficiency, the assimilation will enable the customers in Ohio,
Florida and Arizona to have access to similar range of products and
services used by consumers in New Jersey and New York.
Management at New York Community Bancorp stated that the conversion
will be extremely favorable since customers will be able to enjoy
the benefits of all the products and services that the bank offers.
Further, the integration will assist modifications made to its
online banking services and will help in the launch of new products
later this year.
With banks facing increased regulations, compliance costs have
escalated. Management believes that this operating system
transformation will be helpful in balancing the hike in other
expenses and will facilitate expense management.
Management also believes that smooth integration into a single
operating system echoes the proficiency that the organization has
achieved while transitioning 11 of its bank branches into a single
entity, gradually over the last 12 years. Also, the leadership of
the senior management, coupled with the dedication of the
employees, will be helpful in assisting future integration plans as
well as facilitate growth through acquisitions.
New York Community Bancorp currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. Other Zacks #3 Rank bank
People's United Financial Inc.
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