A New York bank's planned acquisition deal for Troy-based Flagstar Bank has been extended yet again, now until the end of December.

Flagstar and its suitor, New York Community Bancorp, announced Friday morning that their mutually agreed deadline for closing the deal is now Dec. 31. The previous deadline was this coming Monday.

The all-stock deal, first announced in April 2021, was initially expected to close by late last year, but encountered delays. In past earnings calls, Bancorp executives were reluctant to detail reasons for the delays.

The banks said Friday that while the deal has been approved by the Office of the Comptroller of the Currency, it still needs approval from the Federal Reserve Board.

If the acquisition happens, the Flagstar Bank brand name will survive and the newly combined bank would be one of the largest regional banks in the country, with more than $85 billion in assets and 395 traditional branches in nine states and 81 retail mortgage offices in 26 states.

Flagstar employed just under 5,400 full-time equivalent employees at the end of last year and New York Community Bancorp had 2,815 employees.

Contact JC Reindl: 313-222-6631 or jcreindl@freepress.com. Follow him on Twitter @jcreindl. Read more on business and sign up for our business newsletter.

This article originally appeared on Detroit Free Press: Flagstar Bank acquisition deal extended again, to Dec. 31