[8-K] New York Community Bancorp, Inc. Reports Material Event

Rhea-AI Filing Summary

Flagstar Financial, Inc. ("Company") has signed an Agreement and Plan of Merger with its wholly-owned subsidiary Flagstar Bank, N.A. ("Bank"). The parent will merge into the Bank, leaving the Bank as the surviving, publicly-traded entity.

• At closing, all outstanding common and Series A preferred shares will be cancelled and exchanged 1-for-1 for equivalent Bank shares; Series B and Series D preferred convert into substantially identical non-voting equity where required by law.
• Existing warrants will automatically become warrants on Bank common stock.
• The Bank will assume all assets, liabilities, debt obligations and incentive plans, and will keep the same board, executive team and NYSE ticker “FLG”.
• The merger is intended to be a tax-free reorganisation under IRC §368(a); shareholders should not realise gain or loss.
• Boards of both entities have approved the deal; completion requires customary regulatory and special-meeting shareholder approvals.
• Post-merger, the Bank will report to the OCC rather than the SEC and will continue operating under the Flagstar brand nationwide.

No timetable, cost synergies or other financial terms were disclosed.

Positive

• Simplifies corporate structure by eliminating holding-company layer, which may lower regulatory and administrative costs.
• Tax-free reorganisation under IRC §368(a) avoids immediate shareholder tax liability.
• No dilution or change in ownership; shares convert 1-for-1 and ticker remains the same.

Negative

• Completion risk: transaction still needs shareholder and regulatory approvals.
• No disclosed cost savings or timeline, making the financial benefit and closing date uncertain.
• Conversion of preferred shares into non-voting equity where restricted could affect certain holders’ rights.

Insights

Financial Analyst

TL;DR – Internal upstream merger; structure simplified, economics unchanged, impact neutral.

The parent-into-bank merger collapses a holding-company layer, potentially reducing regulatory and administrative costs while keeping ownership, capital structure and public market presence intact. Because shares convert 1-for-1 and the Bank assumes all obligations, the transaction is economically neutral for investors. Any upside hinges on future cost savings, which are not quantified. The filing lacks financial guidance and sets no closing date, so immediate valuation impact is limited.

Corporate Governance Expert

TL;DR – Governance continuity preserved; shareholder approval still required.

The Merger keeps the existing board and management, mitigating continuity risk. Shareholders retain proportional ownership, but must vote at a special meeting. Regulatory oversight shifts from SEC to OCC, altering disclosure cadence but not transparency requirements. Pending approvals introduce timing uncertainty, yet no adverse governance changes are evident.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2025

FLAGSTAR FINANCIAL, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

1-31565

06-1377322

(State or Other Jurisdiction of Incorporation)

Commission File Number

(IRS Employer Identification No.)

102 Duffy Avenue,			Hicksville,			New York			11801
(Address of principal executive offices)

(516) 683-4100

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value per share

FLG

New York Stock Exchange

Bifurcated Option Note Unit Securities SM

FLG PRU

New York Stock Exchange

Depositary Shares each representing a 1/40th interest in a share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock

FLG PRA

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act. ☐

Item 1.01 Entry into a Material Definitive Agreement

On July 24, 2025, Flagstar Financial, Inc. (the “Company”), as part of an internal reorganization to streamline its corporate structure, entered into an Agreement and Plan of Merger (the “Plan of Merger”) with its wholly-owned bank subsidiary, Flagstar Bank, N.A., a nationally chartered banking association (the “Bank”). Under the terms of the Plan of Merger, the Company will be merged with and into the Bank (the “Merger”), with the Bank continuing as the surviving entity (the “Surviving Entity”). Under the Plan of Merger, the Surviving Entity will bear the name Flagstar Bank, N.A. and will continue to operate with its existing brand name and management teams in markets throughout the United States.

At the effective time of the Merger, the outstanding shares of the Company’s common and Series A preferred stock will be cancelled and cease to exist, and the outstanding shares of the Company’s common and Series A preferred stock will automatically be converted into an equivalent number of shares of the Surviving Entity’s common and Series A preferred stock. The Company’s Series B and Series D preferred stock shall also be converted into common stock of the Bank, except that such conversion shall instead be into non-voting equity securities that are substantially identical to the Series B and Series D preferred stock to the extent that ownership of the additional common stock would otherwise be prohibited by law or require approval by a government entity. As a result, subject to the foregoing limitations, the shares of capital stock of the Surviving Entity will be owned directly by the Company’s shareholders in the same proportion as their ownership of the Company’s capital stock immediately prior to the Merger. Further, each warrant to purchase either Series D preferred stock or common stock of the Company will be converted automatically into a warrant to purchase common stock of the Surviving Entity. Immediately following the Merger, the Surviving Entity will have substantially the same outstanding capital stock with substantially the same rights and privileges as the outstanding capital stock of the Company immediately prior to the Merger. Immediately after the Merger, the Surviving Entity will have substantially the same consolidated assets, liabilities and shareholders’ equity as the Company. The Surviving Entity will assume the Company’s debt obligations, equity incentive plans, equity compensation plans, and other compensation plans. As an initial step of closing the Merger, the Company will be an interim federal savings association, which will immediately merge with the Bank, with the Bank then continuing as the Surviving Entity.

Following the Merger, it is expected that the Surviving Entity will be a publicly traded company on the New York Stock Exchange (NYSE) under the same ticker symbol currently used by the Company, “FLG.” The Surviving Entity’s common stock will be registered with the Surviving Entity’s primary banking regulator, the Office of the Comptroller of the Currency (“OCC”), under the Securities Exchange Act of 1934, as amended. Following the Merger, the Surviving Entity will file periodic and current reports and other required materials with the OCC.

The Surviving Entity will have the same board of directors following the Merger as the Company had immediately prior thereto. Executive officers of the Company immediately prior to the Merger will hold the same positions and titles with the Surviving Entity following the Merger.

It is intended that the Merger will be treated for U.S. federal income tax purposes as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, with the result that shareholders of the Company will not recognize gain or loss as a result of the Merger.

The Plan of Merger has been approved by the boards of directors of each of the Company and the Bank. In connection with the Merger, the Company will hold a special meeting of its shareholders to consider and vote upon the Merger. The Merger is subject to various customary closing conditions.

The foregoing summary of the Merger and the terms and conditions of the Plan of Merger does not purport to be complete and is qualified in its entirety by reference to the complete text of the Plan of Merger, which is attached hereto as Exhibit 2.1 and incorporated herein by reference.

Item 7.01 Regulation FD Disclosures

Beginning on July 24, 2025, Flagstar Financial, Inc. (the “Company”) intends to distribute and make available to investors, and to post on its website, the written presentation attached hereto as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

(d)(i) Attached as Exhibit 2.1 is the Agreement and Plan of Merger dated July 24, 2025 between Flagstar Financial, Inc. and Flagstar Bank, N.A.

(d)(ii) Attached as Exhibit 99.1 is the press release issued by the Company on July 24, 2025 to discuss the Agreement and Plan of Merger entered into with Flagstar Bank, N.A.

(d)(iii) Attached as Exhibit 99.2 is the text of a written presentation that the Company intends to distribute and make available to investors, and to post on its website, beginning on July 24, 2025.

Exhibit						Description of Exhibit
No.
2.1						Agreement and Plan of Merger dated July 24, 2025 between Flagstar Financial, Inc. and Flagstar Bank, N.A.
99.1						Press release issued by the Company on July 24, 2025
99.2						Written presentation to be distributed and made available to investors, and posted on the Company’s website, beginning July 24, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

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:			July 24, 2025						FLAGSTAR FINANCIAL, INC.
									/s/ Bao Nguyen
									Bao Nguyen
									Senior Executive Vice President, General Counsel and Chief of Staff

FAQ

Why is Flagstar Financial (FLG) merging into Flagstar Bank, N.A.?

The company aims to streamline its corporate structure by eliminating the holding-company layer while retaining the same brand and management.

Will FLG shareholders receive new shares after the merger?

Yes. Each common and Series A share will convert 1-for-1 into equivalent Bank shares; Series B and D convert into similar non-voting equity where necessary.

Is the merger taxable for shareholders?

The filing states the deal is intended to qualify as a tax-free reorganisation under IRC §368(a), so no gain or loss is expected.

Will Flagstar’s NYSE ticker change after the merger?

No. The surviving entity will continue to trade on the NYSE under the ticker "FLG".

What approvals are required before the merger can close?

The transaction needs approval from Flagstar shareholders at a special meeting and customary regulatory consents.

Who will regulate Flagstar after the merger?

Post-merger, periodic reports will be filed with the Office of the Comptroller of the Currency (OCC) instead of the SEC.