Welcome to our dedicated page for New York Community Bancorp news (Ticker: NYCB), a resource for investors and traders seeking the latest updates and insights on New York Community Bancorp stock.
New York Community Bancorp, Inc. (NYSE: NYCB) stands as one of the 25 largest bank holding companies in the United States, boasting assets exceeding $48 billion and a market cap surpassing $7 billion. Headquartered in Hicksville, New York, NYCB operates through a network of over 270 branches spread across metro New York, New Jersey, Florida, Arizona, and Ohio, and ranks among the top 25 depositories in the nation.
NYCB's mission is to excel in all aspects for the benefit of customers, communities, employees, and shareholders alike. The company manages its branches under two primary banks: New York Community Bank and New York Commercial Bank, both members of the FDIC. These banks operate through eight local divisions reflecting the company's growth through strategic acquisitions:
- Queens County Savings Bank
- Roslyn Savings Bank
- Richmond County Savings Bank
- Roosevelt Savings Bank
- Garden State Community Bank
- AmTrust Bank
- Ohio Savings Bank
- Atlantic Bank
NYCB competes robustly in diverse markets, offering a comprehensive array of products and services that include online banking, mobile banking, and phone banking. Additionally, the company is a leading producer of multi-family loans in New York City, specializing in rent-regulated, non-luxury apartment buildings.
Recently, NYCB acquired Flagstar Bank, N.A., bolstering its presence with 435 branches and extensive operations across the Northeast, Midwest, Southeast, and West Coast. Flagstar Mortgage, a subsidiary of Flagstar Bank, operates nationally through a wholesale network of roughly 3,000 third-party mortgage originators. The acquisition has positioned NYCB as the second-largest multi-family portfolio lender in the U.S. and has strengthened its foothold in mortgage origination, servicing, and warehouse lending. As of March 31, 2023, NYCB reported assets of $123.8 billion, loans totaling $83.3 billion, deposits of $84.8 billion, and total stockholders' equity of $10.8 billion.
Latest News: NYCB has successfully implemented AFSVision, an advanced lending platform by Automated Financial Systems, Inc. (AFS®), at Flagstar Bank. This strategic move enhances Flagstar's commercial lending capabilities and supports its relationship banking model. AFSVision allows seamless integration with financial institutions' ecosystems and offers digital-enabling capabilities for end-to-end commercial loan processing.
NYCB continues to excel in various national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. With a focus on technology and efficiency, the company remains committed to providing exceptional service to its customers and maintaining its strong market positions.
New York Community Bancorp (NYSE: NYCB) has declared its quarterly dividends. The company announced a common stock dividend of $0.01 per share, payable December 17, 2024, to stockholders of record as of December 7, 2024. Additionally, preferred stock dividends were declared: $15.94 per Series A share ($0.3984 per depositary share) and $3.3333 per Series B share. The bank operates over 400 branches with a strong presence in the Northeast and Midwest, managing $114.4 billion in assets, $73.0 billion in loans, and $83.0 billion in deposits as of September 30, 2024.
New York Community Bancorp reported a Q3 2024 net loss of $280 million, with a net loss attributable to common stockholders of $289 million ($0.79 per diluted share). Adjusted for merger-related expenses and items from mortgage warehouse business sale, the net loss was $243 million ($0.69 per diluted share). Key highlights include deposit growth of $4 billion (5%), reduced wholesale borrowings by 31%, and maintained an allowance for credit losses ratio of 1.87%. The bank continued its de-risking strategy with commercial real estate exposure declining 3%. Net interest income decreased to $510 million, down 8% from Q2 2024 and 42% year-over-year.
Flagstar Bank, a subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB), announced a workforce reduction as part of its strategic transformation plan. The reduction affects approximately 700 employees, or 8% of its workforce. Additionally, the previously announced sale of its Mortgage Servicing and Third-Party Origination business to Mr. Cooper, expected to close in Q4 2024, will result in a further reduction of about 1,200 employees.
CEO Joseph Otting stated that these actions, while difficult, are essential for strengthening the company's financial foundation and building a more agile, competitive organization. The reductions aim to optimize operations after integrating three legacy banks through acquisitions. The company remains committed to building a diversified, leading regional bank and positioning itself for long-term success.
New York Community Bancorp, Inc. (NYSE: NYCB) has announced its plan to release Q3 2024 earnings on October 25, 2024 at approximately 7:00 a.m. ET. The company will host a conference call at 8:00 a.m. ET on the same day, where Chairman, President, and CEO Joseph M. Otting and Senior EVP and CFO Craig Gifford will discuss the company's performance. The earnings release and presentation will be available on the company's Investor Relations website.
New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the U.S. As of June 30, 2024, the company had $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholders' equity. Flagstar Bank operates over 400 branches, with a strong presence in the Northeast and Midwest, and locations in high-growth markets in the Southeast and West Coast.
New York Community Bancorp, Inc. (NYSE: NYCB) has announced a significant change, renaming itself to Flagstar Financial, Inc. This name change, effective October 25, 2024, at 5:00 pm ET, aligns with the company's strategic focus on becoming a full-service regional franchise with a growth-oriented vision. The company's stock symbol will change from NYCB to FLG, effective at the open of business on October 28, 2024.
Chairman, President, and CEO Joseph Otting stated that this change marks another milestone in the company's ongoing transformation. Over the past six months, the company has diversified its business model, established relationship-driven businesses, and continued to recruit top-tier talent. The new name complements the re-branding of the Bank and its branches implemented earlier this year.
As of June 30, 2024, the company had $119.1 billion of assets, $82.4 billion of loans, deposits of $79.0 billion, and total stockholders' equity of $8.4 billion. Flagstar Bank, N.A. operates over 400 branches across the Northeast, Midwest, Southeast, and West Coast.
Flagstar Bank, a subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB), has successfully collected over 2,000 pounds of non-perishable food for Forgotten Harvest during a food drive held in partnership with the Soaring Eagle Arts, Beats & Eats Festival. Kroger matched the donations pound-for-pound, resulting in a total of over 4,000 pounds of food, equivalent to 4,000 meals, for metro Detroit families facing food insecurity.
Reggie Davis, Senior Executive Vice President and President of Consumer and Small Business Banking, emphasized Flagstar Bank's commitment to giving back to the communities it serves. The bank has been a proud sponsor of Arts, Beats & Eats since 1998, reflecting its broader mission of supporting arts and culture that enrich lives.
Flagstar Bank, a subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB), has released its 2023 Environmental, Social, and Governance (ESG) Report. Key highlights include:
- 34% reduction in Scope 1 and 2 greenhouse gas emissions, surpassing the 2030 target
- Expansion of mentorship program to over 150 mentees and 40 mentors
- Full rollout of Spanish language loan documents
- Membership in six national certifying and advocacy organizations for supplier diversity
- Over $93.1 million invested in CRA low-income housing tax credits
- $3.16 million in grants awarded through Flagstar's Community Foundation
The report aligns with Global Reporting Initiative Universal Standards, Task Force on Climate-related Financial Disclosures framework, and relevant Sustainability Accounting Standards Board sector standards.
Flagstar Bank, a subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB), has announced the expansion of its Commercial and Private Banking leadership team with four key executive appointments. The new hires, reporting to Rich Raffetto, SEVP & President of Commercial and Private Banking, include:
1. Joe Abruzzo: EVP and Head of Regional Commercial Banking & Corporate Banking
2. Rita Dailey: EVP, Head of Commercial Deposits & Payment Solutions
3. Mike Mason: EVP, Head of Credit Products, Commercial and Private Banking
4. Matt Dalany: SVP, Head of Specialized Industries Credit Products
These appointments aim to enhance client coverage, advance product capabilities, and strengthen Flagstar's Commercial and Private Banking strategy. As of June 30, 2024, NYCB had $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholders' equity.
New York Community Bancorp, Inc. (NYSE: NYCB) has announced quarterly cash dividends on its common stock and preferred stocks. The Board of Directors declared:
- A $0.01 per share dividend on common stock, payable on September 17, 2024
- A $15.94 per share dividend on Series A preferred stock ($0.3984 per depositary share)
- A $3.3333 per share dividend on Series B preferred stock
All dividends are payable to stockholders of record as of September 7, 2024. As of June 30, 2024, the company reported $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholders' equity. Flagstar Bank, N.A., the company's subsidiary, operates over 400 branches and a nationwide mortgage network.
New York Community Bancorp, Inc. (NYSE: NYCB) has announced employment inducement awards for two new executives. Richard Raffetto, appointed as Senior Executive Vice President and President of Commercial and Private Banking, and Kris Gagnon, as Senior Executive Vice President and Chief Credit Officer, have each been granted a one-time stock option to acquire 1,000,000 shares of the Company's common stock.
The stock options have an exercise price of $10.48, equal to the closing price on the grant date, and will vest in 3 equal annual installments over three years. These awards are being made outside of the Company's 2020 Omnibus Incentive Plan but will generally be subject to the same terms and conditions.
As of June 30, 2024, NYCB had $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholders' equity. The Company operates over 400 branches and has a significant presence in the Northeast, Midwest, Southeast, and West Coast.
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