Prospectus exerpt:  Each unit being offered will be a BONUSES unit consisting of: a preferred security issued by New York Community Capital Trust V, having a liquidation preference of $50 and a distribution rate of 6% on the stated liquidation preference, representing an undivided beneficial interest in the assets of the trust, which assets will consist solely of debentures issued by New York Community Bancorp, Inc., also referred to as NYCB, each of which has a principal amount at maturity of $50 and a stated maturity of November 1, 2051; and a warrant to purchase 1.4036 shares of common stock of NYCB at any time prior to May 7, 2051. The warrant exercise price will initially be $50. In connection with an exercise of the warrants in lieu of optional redemption, the exercise price of the warrants will be the accreted value of the preferred securities as of the day before the remarketing date.

At any time after the BONUSES units are issued, the preferred security and warrant components of each BONUSES unit may be separated by the holder and transferred separately. Thereafter, a separated preferred security and warrant may be combined to form a BONUSES unit.

The warrants may not be redeemed prior to November 4, 2007, except upon the occurrence of certain special events. If on any date on or after November 4, 2007 the closing price of our common stock exceeds 125% of the conversion price for at least 20 trading days within the immediately preceding 30 consecutive trading days and on the day on which we make such election, we may elect to redeem the warrants, in whole but not in part. In connection with an optional redemption, we will be obligated to remarket the preferred securities at a price of no less than 100% of their accreted value.