NEW YORK — Another bank that began its life as a credit union has been purchased by a larger bank.
According to media reports, the New York Community Bancorp will purchase the Synergy Financial Group, the parent company of Synergy Bank, for $168 million. The reports say the deal will net shareholders of Synergy .80 of a share of New York Community Bancorp shares for each one share of New Jersey-based Synergy Financial they hold.
The New York firm will benefit from adding Synergy's branches to its New Jersey presence, said New York Community Bancorp.
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The former Synergy FCU became a mutual savings bank in 1998, adopted a mutual holding company structure in 2002, and then became a straight stock-issuing bank in 2003. The bank was also the scene of a bruising proxy fight when an investment firm took issue with some executive pay and wanted to put some of its own candidates on the bank's board.
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