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                                                               Exhibit 4(g)(iii)

                              DECLARATION OF TRUST
                                       OF
                      NEW YORK COMMUNITY CAPITAL TRUST III

     THIS DECLARATION OF TRUST is made as of April 18, 2002 (this
"Declaration"), by and among New York Community Bancorp, Inc., a Delaware
corporation, as sponsor (the "Sponsor"), Wilmington Trust Company, a Delaware
banking corporation, as Delaware trustee (the "Delaware Trustee"), and Joseph R.
Ficalora, Robert Wann and Thomas R. Cangemi, each as administrative trustee
(collectively, the "Administrative Trustees"). The Delaware Trustee and the
Administrative Trustees are referred to herein collectively as the "Trustees"
and each individually as a "Trustee." The Sponsor and the Trustees hereby agree
as follows:

i.       The trust created hereby shall be known as "New York Community Capital
         Trust III" (the "Trust"), in which name the Trustees or the Sponsor, to
         the extent provided herein, may conduct the business of the Trust, make
         and execute contracts, and sue and be sued.

ii.      The Sponsor hereby assigns, transfers, conveys and sets over to the
         Trust the sum of $10. The Trustees hereby acknowledge receipt of such
         amount in trust from the Sponsor, which amount shall constitute the
         initial trust estate. The Trustees hereby declare that they will hold
         the trust estate in trust for the Sponsor. It is the intention of the
         parties hereto that the Trust created hereby constitute a business
         trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del.
                                                                     ---
         C.(S) 3801, et seq. (the "Business Trust Act"), and that this
                     -- ---
         Declaration constitute the governing instrument of the Trust. The
         Trustees are hereby authorized and directed to execute and file a
         certificate of trust with the Secretary of State of the State of
         Delaware in the form attached to this Declaration.

iii.     The Sponsor and the Trustees will enter into an amended and restated
         Declaration of Trust satisfactory to each such party to provide for the
         contemplated operation of the Trust created hereby and the issuance by
         the Trust of the Preferred Securities and Common Securities referred to
         therein. Prior to the execution and delivery of such amended and
         restated Declaration of Trust (i) a Trustee shall not have any duty or
         obligation hereunder or with respect to the trust estate, except as
         otherwise required by applicable law, and (ii) the Sponsor shall take
         or cause to be taken any action as may be necessary to obtain prior to
         such execution and delivery any licenses, consents or approvals
         required by applicable law or otherwise. Notwithstanding the foregoing,
         a Trustee may take all actions which the Sponsor deems necessary,
         convenient or incidental to effect the transactions contemplated
         herein. The Trustees shall not have any duty or obligation under or in
         connection with this Declaration or any document contemplated hereby,
         except as expressly provided by the terms of this Declaration, and no
         implied duties or obligations shall be read into this Declaration
         against the Trustees. The right of a

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         Trustee to perform any discretionary act enumerated herein shall not be
         construed as a duty.

iv.      The Sponsor  hereby agrees to (i)  reimburse the Delaware  Trustee for
         all reasonable expenses (including reasonable fees and expenses of
         counsel and other experts), (ii) indemnify, defend and hold harmless
         the Delaware Trustee and the officers, directors, employees and agents
         of the Delaware Trustee (collectively, including the Delaware Trustee
         in its individual capacity, the "Indemnified Persons") from and against
         any and all losses, damages, liabilities, claims, actions, suits,
         costs, expenses, disbursements (including the reasonable fees and
         expenses of counsel), taxes and penalties of any kind and nature
         whatsoever (collectively, "Expenses"), to the extent that such Expenses
         arise out of or are imposed upon or asserted at any time against such
         Indemnified Persons with respect to the performance of this
         Declaration, the creation, operation, administration or termination of
         the Trust, or the transactions contemplated hereby; provided, however,
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         that the Sponsor shall not be required to indemnify an Indemnified
         Person for Expenses to the extent such Expenses result from the willful
         misconduct, bad faith or negligence of such Indemnified Person, and
         (iii) advance to each such Indemnified Person Expenses (including
         reasonable fees and expenses of counsel) incurred by such Indemnified
         Person, in defending any claim, demand, action, suit or proceeding
         prior to the final disposition of such claim, demand, action, suit or
         proceeding upon receipt by the Sponsor of an undertaking, by or on
         behalf of such Indemnified Person, to repay such amount if it shall be
         determined that such Indemnified Person is not entitled to be
         indemnified therefor under this Section 4. The obligations of the
         Sponsor under this Section 4 shall survive the resignation or removal
         of the Delaware Trustee.

v.       The Sponsor, as sponsor of the Trust, is hereby authorized, in its
         discretion, (i) to prepare and distribute one or more offering
         memoranda in preliminary and final form, including any necessary or
         desirable amendments, relating to the offering and sale of Preferred
         Securities of the Trust in a transaction exempt from the registration
         requirements of the Securities Act of 1933, as amended (the "1933
         Act"), and such forms or filings as may be required by the 1933 Act,
         the Securities Exchange Act of 1934, as amended, or the Trust Indenture
         Act of 1939, as amended, in each case relating to the Preferred
         Securities of the Trust; (ii) to prepare, execute and file on behalf of
         the Trust, such applications, reports, surety bonds, irrevocable
         consents, appointments of attorney for service of process and other
         papers and documents that shall be necessary or desirable to register
         or establish the exemption from registration of the Preferred
         Securities of the Trust under the securities or "Blue Sky" laws of such
         jurisdictions as the Depositor, on behalf of the Trust, may deem
         necessary or desirable; (iii) to prepare, execute and file an
         application, and all other applications, statements, certificates,
         agreements and other instruments that shall be necessary or desirable,
         to have the Preferred

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         Securities listed on the Private Offerings, Resales and Trading through
         Automated Linkages ("PORTAL") Market and, if and at such time as
         determined by the Depositor, with the New York Stock Exchange or any
         other national stock exchange or the Nasdaq National Market for listing
         or quotation of the Preferred Securities of the Trust; (iv) to prepare,
         execute and deliver letters or documents to, or instruments for filing
         with, a depository relating to the Preferred Securities of the Trust;
         (v) to negotiate, execute, deliver and perform on behalf of the Trust
         one or more dealer/manager agreements, escrow agreements, subscription
         agreements and other similar or related agreements providing for or
         relating to the sale and issuance of the Preferred Securities of the
         Trust and/or any other interests in the Trust; and (vi) to prepare,
         execute and deliver on behalf of the Trust any and all documents,
         certificates, papers, instruments and other writings as it deems
         desirable in connection with any of the foregoing.

         In the event that any filing referred to in this Section 5 is required
         by the rules and regulations of Securities and Exchange Commission (the
         "Commission"), PORTAL or state securities or Blue Sky laws to be
         executed on behalf of the Trust by a trustee, the Delaware Trustee, in
         its capacity as a trustee of the Trust, so required to execute such
         filings is hereby authorized and directed to join in any such filing
         and to execute on behalf of the Trust any and all of the foregoing, it
         being understood that any Trustee, in its capacity as a trustee of the
         Trust, shall not be required to join in any such filing or execute on
         behalf of the Trust any such document unless required to do so by the
         rules and regulations of the Commission, PORTAL or applicable state
         securities or Blue Sky laws.

vi.      Each Trustee is  authorized to take such action or refrain from taking
         such action under this Declaration as it may be directed in writing by
         the Sponsor from time to time; provided, however, that the Delaware
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         Trustee shall not be required to take or refrain from taking any such
         action if it shall have determined, or shall have been advised by
         counsel, that such performance is likely to involve the Delaware
         Trustee in personal liability or is contrary to the terms of this
         Declaration or of any document contemplated hereby to which the Trust
         or the Delaware Trustee is a party or is otherwise contrary to law. If
         at any time the Delaware Trustee determines that it requires or desires
         guidance regarding the application of any provision of this Declaration
         or any other document, or regarding compliance with any direction it
         received hereunder, then the Delaware Trustee may deliver a notice to
         the Sponsor requesting written instructions as to the course of action
         desired by the Sponsor, and such instructions shall constitute full and
         complete authorization and protection for actions taken and other
         performance by the Delaware Trustee in reliance thereon. Until the
         Delaware Trustee has received such instructions after delivering such
         notice, it may refrain from taking any action with respect to the
         matters described in such notice.

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vii.     The number of trustees of the Trust  initially shall be two (2) and
         thereafter the number of trustees of the Trust shall be such number as
         shall be fixed from time to time by a written instrument signed by the
         Sponsor which may increase or decrease the number of trustees of the
         Trust; provided, however, to the extent required by the Business Trust
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         Act, there shall at all times be one trustee of the Trust that shall
         either be a natural person who is a resident of the State of Delaware
         or, if not a natural person, an entity which has its principal place of
         business in the State of Delaware and otherwise meets the requirements
         of applicable law. Subject to the foregoing, the Sponsor is entitled to
         appoint or remove without cause any trustee of the Trust at any time.
         Any trustee of the Trust may resign upon thirty days' prior notice to
         the Sponsor.

viii.    This Declaration may be executed in one or more counterparts.

ix.      This  Declaration  shall be governed by, and construed in accordance
         with, the laws of the State of Delaware (without regard to conflict of
         laws principles).

                            [SIGNATURE PAGE FOLLOWS]


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         IN WITNESS WHEREOF, the parties hereto have caused this Declaration of
Trust to be duly executed as of the day and year first above written.


                       New York Community Bancorp, Inc.,
                       as Sponsor



                       By: /s/ Thomas R. Cangemi
                           ------------------------
                       Name: Thomas R. Cangemi
                            -----------------------
                       Title: EVP
                             ----------------------


                       Wilmington Trust Company, as
                       Delaware Trustee


                       By: /s/ Donald G. MacKelcan
                          -------------------------
                          Name: Donald G. MacKelcan
                              ---------------------
                         Title: Vice President
                               --------------------


                        /s/ Joseph R. Ficalora
                       ----------------------------
                       Joseph R. Ficalora, as Administrative Trustee


                        /s/ Robert Wann
                       ----------------------------
                       Robert Wann, as Administrative Trustee


                        /s/ Thomas R. Cangemi
                       ----------------------------
                       Thomas R. Cangemi, as Administrative Trustee

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