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

<PAGE> 1


                                  EXHIBIT 10.2

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

<PAGE> 2



                    FORM OF STOCK OPTION ASSUMPTION AGREEMENT

Dear Optionee:

          As you know, on December 30, 2005 (the "Closing Date"), Long Island
Financial Corp. ("LIFC") merged with and into New York Community Bancorp, Inc.
("NYB"), a Delaware corporation (the "Merger"). In the Merger, each holder of
shares of LIFC common stock received 2.32 shares of NYB common stock for each
share of LIFC common stock (the "Exchange Ratio"). On the Closing Date you held
one or more outstanding options to purchase shares of LIFC common stock granted
to you under the LIFC 1998 Stock Option Plan (the "Plan") and documented with a
Stock Option Agreement(s) and/or Notice(s) of Grant of Stock Option and any
amendment(s) or waiver(s) thereto (collectively, the "Option Agreement") issued
to you under the Plan (the "LIFC Options"). In accordance with the Merger, on
the Closing Date, NYB assumed all obligations of LIFC under the LIFC Options.
This Agreement evidences the assumption of the LIFC Options, including the
necessary adjustments to the LIFC Options required by the Merger.

          A schedule of your LIFC Options immediately before and after the Merger
is attached to this letter. The post-merger adjustments are based on the
Exchange Ratio and are intended to: (i) to preserve, on a per share basis, the
ratio of exercise price to fair market value that existed immediately prior to
the Merger; and (ii) to the extent applicable by law, to retain incentive stock
option ("ISO") status under the Federal tax laws.

Unless the context otherwise requires, any references in the Plan and the Option
Agreement (i) to the "Company" or the "Corporation" means NYB, (ii) to "Stock,"
"Common Stock" or "Shares" means shares of NYB common stock, (iii) to the "Board
of Directors" or the "Board" means the Board of Directors of NYB and (iv) to the
"Committee" means the Compensation Committee of the NYB Board of Directors. All
references in the Option Agreement and the Plan relating to your status as an
employee of LIFC will now refer to your status as an employee of NYB or any
present or future NYB subsidiary. To the extent the Option Agreement allowed you
to deliver shares of LIFC common stock as payment for the exercise price, shares
of NYB common stock may be