Troy-based Flagstar to be bought by N.Y. Community Bancorp in $2.54B deal Steve Dickson New York Community Bancorp agreed to buy Michigan’s Flagstar Bancorp Inc. in an all-stock deal with an equity value of about $2.54 billion. Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share they own, the two companies said Monday in a statement. U.S. regional banks have been merging to grapple with low interest rates, weak loan demand and the need to boost technology spending. Pressure is coming from giants such as JPMorgan Chase & Co., which is moving into new states and spending billions annually on digital offerings. Last week, Webster Financial Corp. agreed to purchase Pearl River, New York-based Sterling Bancorp in an all-stock transaction that valued the target at $5.14 billion.