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The parent company of Queens County Savings Bank, has been given federal permission to acquire Atlantic Bank of New York, which would add the smaller bank’s $2.7 billion in assets to the NYCB’s growing $26.3 billion holdings.

The only step remaining for approval of the acquisition is a hearing before the New York State Banking Department, which was expected to consider the acquisition at its regularly scheduled meeting Thursday, April 6.

New York Community Bancorp is the holding company for New York Community Bank and New York Commercial Bank, and the leading producer of multi-family loans for portfolio in New York City. A New York State-chartered savings bank with 139 offices serving New York City, Long Island, Westchester County, and northern New Jersey, New York Community Bank is the third largest thrift depository in the New York metropolitan region, and operates through seven local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, CFS Bank, First Savings Bank of New Jersey, and Ironbound Bank.
Established in 1926, Atlantic Bank of New York is one of the top 20 commercial banks serving the New York area.

Atlantic Bank is a full-service commercial bank providing a comprehensive range of financial services to small and mid-sized businesses, commercial real estate investors, and consumers. The Bank operates branch offices in Manhattan, Queens, Brooklyn, Long Island, and Westchester County, and offers commercial insurance premium financing on a nationwide basis through its wholly owned subsidiary, Standard Funding Corp.

Atlantic Bank is a member of the NBG Group, which has more than $68 billion in assets and operates in 23 countries.
In other banking news, Capital One has announced its intention to purchase North Fork Bank for $14.6 billion, pending regulatory approval.

Capital One, best known for its catchy credit card commercials, said it plans to expand North Fork’s branches beyond the 355 that already exist in the tri-state area.
The branches will be renamed Capital One, and the new company intends to go beyond North Fork’s plans of constructing 10 to 15 new branches over the next two or three years.