New York Community Bancorp, Inc. Joins MDI Innovation Committee To Help Modernize Technology At Minority Depository Institutions

Rhea-AI Summary

New York Community Bancorp (NYSE: NYCB) announced its membership in the newly established Minority Depository Institution Innovation Committee. This initiative aims to enhance technological capabilities at minority depository institutions, which often face technology underinvestment. The Company joins 13 other banks, collaborating with the National Black Bank Foundation and JAM FINTOP. CEO Thomas Cangemi expressed optimism about the Committee's potential impact on underserved communities.

As of June 30, 2021, NYCB reported total assets of $57.5 billion and loans amounting to $43.6 billion.

Positive

• Participation in the Minority Depository Institution Innovation Committee may enhance NYCB's reputation and partnerships.
• Collaboration with established organizations like the National Black Bank Foundation could lead to strategic opportunities.

Negative

• None.

HICKSVILLE, N.Y., Sept. 30, 2021 /PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company") today announced that it has joined the newly formed Minority Depository Institution Innovation Committee (the "Committee").  The Committee will serve as a vital pathway to modernizing the technology capabilities at minority depository institutions, many of which are underinvested in technology.  The Company joins 13 other banks on the Committee.  Other members of the Committee include Figure Technologies, Inc., JAM FINTOP, and the National Black Bank Foundation ("NBBF"), a racial justice nonprofit working to ensure communities of color can access capital and build wealth through a robust Black banking sector.

The NBBF is partnering with JAM FINTOP in this initiative which brings together experts from across various disciplines, including the financial services industry, regulatory, and FinTech to support Black banks and their constituents.

Chairman, President, and Chief Executive Officer, Thomas R. Cangemi commented, "We are pleased to be joining the MDI Innovation Committee, in partnership with several other banks.  I truly believe that the Committee along with the relationship formed between NBBF and JAM FINTOP will be a force for change and have a positive impact on the communities served by minority depository institutions."

About New York Community Bancorp, Inc.
Based in Hicksville, NY, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank. At June 30, 2021, the Company reported assets of $57.5 billion, loans of $43.6 billion, deposits of $34.2 billion, and stockholders' equity of $6.9 billion.

Reflecting our growth through a series of acquisitions, the Company operates 236 branches through eight local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.

About The National Black Bank Foundation
The nonprofit National Black Bank Foundation and its investment unit, the Black Bank Fund, were formed in 2020 to uplift Black-owned banks and the communities they serve. Working with corporate and philanthropic partners, the Foundation provides legal, regulatory, and operational assistance to Black banks while the Fund will invest $250 million in direct Tier 1 capital into existing Black banks through stock purchases. Learn more at www.NBBFoundation.org. 

About JAM FINTOP
JAM FINTOP is a joint venture between JAM Special Opportunity Ventures ("JSOV"), an affiliate of Jacobs Asset Management ("JAM"), and FINTOP Capital.  The partnership brings together bank experts and seasoned fintech entrepreneurs to invest in companies changing the way financial institutions and their customers move, track, and interact with money. JAM, an affiliate of JSOV, has a 26-year history investing in public and private community banks, and FINTOP Capital is a leading fintech investor with over 140 years of collective experience. JAM and JSOV are not affiliated with FINTOP Capital.

JAM FINTOP Banktech raised $150 million in April 2021 to help accelerate technology adoption at community banks across the United States. Uniquely, all 66 of the fund's limited partners are community banks. The $600+ billion of combined assets of the fund's limited partners would rank as the fifth-largest bank in the nation. JAM FINTOP's second fund, JAM FINTOP Blockchain, will invest in blockchain infrastructure, on-ramps and businesses. With Figure and NYCB as lead investors, it is currently being marketed to Qualified Purchasers. For more information, visit www.jamfintop.com.

Investor and Media Contact:	Salvatore J. DiMartino
	(516) 683-4286

 

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SOURCE New York Community Bancorp, Inc.

FAQ

What is New York Community Bancorp's role in the Minority Depository Institution Innovation Committee?

New York Community Bancorp has joined the Minority Depository Institution Innovation Committee to help modernize technology at minority depository institutions.

How many banks are part of the MDI Innovation Committee?

The MDI Innovation Committee includes New York Community Bancorp and 13 other banks.

What financial metrics did New York Community Bancorp report as of June 30, 2021?

As of June 30, 2021, New York Community Bancorp reported assets of $57.5 billion and loans of $43.6 billion.

Who are the partners involved with New York Community Bancorp in the Committee?

Partners include the National Black Bank Foundation and JAM FINTOP, which focus on supporting minority banks.

When was the press release about New York Community Bancorp's new initiative issued?

The press release was issued on September 30, 2021.