NEW YORK—The Federal Reserve Bank of New York Tuesday approved the application by New York Community Bancorp, Inc., Westbury, New York, to acquire, through its wholly owned subsidiary, New York Community Bank, Flushing, New York, 100 percent of the voting shares of New York Commercial Bank, Flushing, New York.

According to standard procedure, the proposal cannot be completed sooner than 15 days, or later than 3 months, from the date of this announcement.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.