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EXHIBIT 10.5      FORM OF NEW YORK COMMUNITY BANCORP, INC.
                  STOCK OPTION ASSUMPTION AGREEMENT



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                                     FORM OF
                        NEW YORK COMMUNITY BANCORP, INC.
                        STOCK OPTION ASSUMPTION AGREEMENT


OPTIONEE:         [Name]

      THIS STOCK OPTION ASSUMPTION AGREEMENT is hereby issued as of the 31st day
of July,  2001,  by New York  Community  Bancorp,  Inc., a Delaware  corporation
("NYCB").

      WHEREAS,  the  undersigned  individual  ("Optionee")  holds  one  or  more
outstanding  options to purchase  shares of the common stock of Richmond  County
Financial Corp. ("RCF"), which were granted to Optionee under the [Name of Plan]
(the "Plan") and are  evidenced by an award  agreement or similar  documentation
(the "Award Agreement") between RCF and the Optionee,  which are incorporated by
reference herein.

      WHEREAS,  effective as of July 31, 2001 (the  "Effective  Time"),  RCF has
merged with and into NYCB (the  "Merger")  pursuant to the Agreement and Plan of
Merger (the "Merger Agreement"),  dated as of March 27, 2001, by and between RCF
and NYCB;

      WHEREAS,  the Merger Agreement provides that, as of the Effective Time, by
virtue of the Merger and  without any action on the part of the  Optionee,  each
option granted by RCF to purchase shares of RCF common stock that is outstanding
and unexercised,  whether vested or unvested,  shall be converted into an option
to purchase  shares of NYCB  common  stock at an exercise  price  determined  in
accordance with Section 6.10 of the Merger Agreement.

      NOW, THEREFORE, it is hereby agreed as follows:

      1. The number of shares of RCF common stock subject to the stock option(s)
held by Optionee under the Plan immediately prior to the Effective Time, and the
exercise price payable per share are set forth in Exhibit A hereto.

      2. NYCB hereby  assumes,  as of the Effective  Time, all of the duties and
obligations  of  RCF  under  each  of the  options  as set  forth  in the  Plan,
Optionee's Award Agreement,  or similar  documentation  containing the terms and
conditions of the option grant.

      3. In connection with such option assumption by NYCB, the number of shares
of NYCB Common Stock purchasable  under each RCF option hereby assumed,  and the
exercise  price payable  thereunder,  have been adjusted in accordance  with the
provisions of Section 6.10 of the Merger Agreement for the conversion of the RCF
options.  Accordingly, the number of shares of NYCB common stock subject to each
RCF option hereby  assumed as of the Effective Time shall be as specified in the
attached  Exhibit A, and the adjusted  exercise  price payable per share of NYCB
common  stock under the assumed RCF option shall be as indicated in the attached
Exhibit A.



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      4. The following additional provisions shall govern each RCF option hereby
assumed by NYCB:

            (a) Unless the context  otherwise  requires,  all references in each
Award  Agreement  and  in the  applicable  plan  document  (as  incorporated  by
reference in such Award Agreement) (i) to the "Company" shall mean NYCB, (ii) to
"Common  Stock" shall mean shares of NYCB Common  Stock,  (iii) to the "Board of
Directors"  shall mean the Board of Directors of NYCB,  (iv) to the  "Committee"
shall  mean the  Committee  of NYCB  which  administers  the Plan and (v) to the
"Bank" shall mean New York Community Bank.

            (b) The grant  date and the  expiration  date for each  assumed  RCF
option and all other  provisions which govern either the  exercisability  or the
termination  of the assumed RCF option shall remain the same as set forth in the
Award  Agreement  applicable  to that  option  and the  provisions  of the  Plan
document, and shall accordingly govern and control Optionee's rights to purchase
NYCB common stock under this Stock Option Assumption Agreement.

            (c) For  purposes of applying  any and all  provisions  of the Award
Agreement relating to Optionee's status as an employee, Optionee shall be deemed
to  continue  in such  status for so long as  Optionee  renders  services  as an
employee  of NYCB or any NYCB  subsidiary  (within  the  meaning of  "subsidiary
corporation" as defined in Section 424(f) of the Internal  Revenue Code of 1986,
as amended).  Accordingly,  the provisions of the Award Agreement  governing the
termination of the assumed RCF options shall apply upon Optionee's  cessation of
employment  with NYCB and its  subsidiaries,  and each  assumed RCF option shall
accordingly  terminate,  within the  designated  time period in effect under the
Award Agreement for that option, following cessation of employment with NYCB and
its subsidiaries.

            (d) The adjusted  exercise  price  payable for the NYCB Common Stock
subject  to each  assumed  RCF  option  shall  be  payable  in any of the  forms
authorized under the Plan and the Award Agreement applicable to that option.

            (e) In order to exercise  each  assumed RCF  option,  Optionee  must
deliver  to NYCB a written  notice of  exercise  which  indicates  the number of
shares of NYCB  Common  Stock to be  purchased,  accompanied  by  payment of the
adjusted exercise price. Such notice shall be delivered to NYCB at the following
address:

                  New York Community Bancorp, Inc.
                  Attn: Michael J. Lincks
                  Executive Vice President and Corporate Secretary
                  New York Community Bancorp, Inc.
                  615 Merrick Avenue
                  Westbury, New York 11590


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      5.  Except  to the  extent  specifically  modified  by this  Stock  Option
Assumption  Agreement,  all of the terms and conditions of each Award Agreement,
as in effect  immediately prior to the Merger,  shall continue in full force and
effect and shall not in any way be  amended,  revised or  otherwise  affected by
this Stock Option Assumption Agreement.

      IN WITNESS WHEREOF, NYCB has caused this Stock Option Assumption Agreement
to be executed on its behalf by its duly  authorized  officer as of the 31st day
of July, 2001.

                                    NEW YORK COMMUNITY BANCORP, INC.


                                    By: ________________________________________

                                    Title: _____________________________________



                                 ACKNOWLEDGMENT

      The  undersigned  acknowledges  receipt  of this Stock  Option  Assumption
Agreement and understands and acknowledges  that all rights and liabilities with
respect to each of his RCF options  hereby assumed by NYCB are as set forth only
in the Award Agreement, the Plan and this Stock Option Assumption Agreement, and
that no other agreements exist with respect to his RCF options.  The undersigned
also acknowledges that, except to the extent specifically modified by this Stock
Option  Assumption  Agreement,  all of the  terms  and  conditions  of the Award
Agreement,  as in effect immediately prior to the Effective Time, shall continue
in full  force and  effect  and shall not be  otherwise  affected  by this Stock
Option Assumption  Agreement.  The undersigned further acknowledges that the RCF
options  described  in Exhibit A hereto  constitute  all of the options or other
rights to  purchase  RCF  common  stock that he owned  immediately  prior to the
Effective Time of the Merger.

                                    OPTIONEE


                                    ------------------------------------------
                                    [name]

                                    DATE: ___________________________________





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                                    EXHIBIT A





                Optionee's Outstanding Options to Purchase Shares
                 of Richmond County Financial Corp. Common Stock
                                  (Pre-Merger)



   DATE OF OPTION GRANT      NUMBER OF OUTSTANDING     EXERCISE PRICE PER SHARE
   --------------------      ---------------------     ------------------------
                                 STOCK OPTIONS
                                 -------------





                Optionee's Outstanding Options to Purchase Shares
                of New York Community Bancorp, Inc. Common Stock
                                  (Post-Merger)



   DATE OF OPTION GRANT      NUMBER OF OUTSTANDING     EXERCISE PRICE PER SHARE
   --------------------      ---------------------     ------------------------
                                 STOCK OPTIONS
                                 -------------








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