New York Community Bank
![]() | |
![]() | |
Formerly | Queens County Savings Bank (1859–2000) |
---|---|
Company type | Public company |
NYSE: NYCB S&P 400 component | |
Industry | Commercial bank |
Founded | April 14, 1859 |
Headquarters | Hicksville, New York, U.S. |
Number of locations | 420 branches |
Key people | Joseph Otting (CEO), Sandro DiNello (Non-Executive Chairman of the Board) |
Products | Multi-family loans Commercial real estate loans |
Revenue | ![]() |
![]() | |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Number of employees | 7,497 (As of December 31, 2022[2]) |
Subsidiaries | Flagstar Bank |
Capital ratio | 11.36% Common equity tier 1 capital (2017) |
Website | https://ir.mynycb.com |
![](http://upload.wikimedia.org/wikipedia/commons/thumb/4/4a/New_York_Community_Bank_footprint_2010-05.png/180px-New_York_Community_Bank_footprint_2010-05.png)
New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin.[3] Branches used to be operated under the names 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 Arizona and Florida.[3] However, they rebranded all of these under the Flagstar name on February 21, 2024.[4][5] NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.
A large majority of the loans originated by the bank are either multi-family or commercial loans, many in New York City, to buildings subject to laws regarding rent regulation in New York. However, it does not offer construction loans.[6]
History
[edit]NYCB was founded on April 14, 1859, in Flushing, Queens, as Queens County Savings Bank,[3] and changed its name on December 15, 2000, to New York Community Bank to better reflect its market area beyond Queens.
In 1993, the company became a public company via an initial public offering.[3]
NYCB underwent multiple acquisitions in the 2000s, acquiring Haven Bancorp for $196 million in 2000,[7] Richmond County Financial in an $802 million transaction in 2001,[8] asset manager Peter B. Cannell & Co. in 2002,[9] Roslyn Bancorp in a $1.6 billion transaction in 2003,[10] Long Island Financial in a $70 million transaction in 2005,[11] Atlantic Bank of New York from the National Bank of Greece for $400 million in 2006,[12] 11 branches in New York City from Doral Financial Corporation in March 2007,[13] Penn Federal Savings Bank for $262 million in April 2007 (adding branches in East Central and North East New Jersey),[14] and Synergy Bank of Cranford, New Jersey, for $168 million in stock in October 2007. In September 2009, NYCB re-branded the Synergy branches to Garden State Community Bank.[15]
In December 2009, the Federal Deposit Insurance Corporation seized AmTrust, a bank headquartered in Cleveland, OH with 66 branches and $13 billion in assets in Ohio, Florida and Arizona.[16] NYCB acquired Amtrust, which expanded NYCB's branch footprint outside of the New York metropolitan area for the first time.[17] In 2017, the bank sold the mortgage business acquired from the purchase of AmTrust at a $90 million profit.[18]
In March 2010, Desert Hills Bank of Phoenix, Arizona, with $496 million in assets, was seized by the FDIC and acquired by NYCB.[19][20]
In June 2012, NYCB acquired the assets of Aurora Bank from Lehman Brothers.[21]
On October 29, 2015, the bank announced an agreement to merge with Astoria Bank, but the proposed merger was terminated in December 2016 after failing to win regulatory approval.[22][23]
On November 4, 2016, Brooklyn Sports & Entertainment announced that the bank had acquired the naming rights to Nassau Coliseum; it was renamed "NYCB Live: Home of the Nassau Veterans Memorial Coliseum", due to agreements requiring that "Nassau Veterans Memorial Coliseum" remain in the arena's name.[24] NYCB pulled out of its naming rights contract in late August 2020 due to uncertainty surrounding the property after a June 2020 closure and subsequent new leaseholder.[24]
In December 2020, President, CEO and Board member Joseph Ficalora announced his retirement. Thomas Cangemi, the company's Chief Financial Officer since 2005, became president and CEO.[25]
In December 2022, the bank acquired Flagstar Bank.[26][27]
On March 19, 2023, NYCB acquired $38.4 billion in assets from the liquidated Signature Bank in a $2.7 billion deal, with 40 Signature branches being converted to Flagstar locations.[28]
On February 6, 2024, the bond credit rating provider Moody's Investors Service downgraded NYCB's credit rating to junk status, attributed to its exposure in commercial real estate lending.[29] NYCB had reported a quarterly loss of $252 million one week prior.[30]
As a result of their acquisition of Flagstar bank in 2022 the company rebranded all of their branches to Flagstar on February 21, 2024.[4][5]
In February 2024, Alessandro DiNello, its executive chairman, was appointed president and CEO.[31] His tenure was brief. In March 2024 Joseph Otting was appointed a new CEO after NYCB secured $1 billion equity injection from the investment firm run by former Treasury Secretary Steven Mnuchin and other funds, at 2$ a share[32] NYCB stock had previously plummeted in late February after the bank announced a $2.4 billion December quarter earnings hit.[33]
On March 11, 2024 NYCB announced the plans to submit one-for-three reverse stock split of its common stock to shareholders.[34]
References
[edit]- ^ a b c d e "Current report filing" (PDF). ir.mynycb.com. January 31, 2023. Retrieved January 6, 2024.
- ^ "New York Community Bancorp, Inc. 2022 Form 10-K Annual Report" (PDF). U.S. Securities and Exchange Commission.
- ^ a b c d "New York Community Bancorp, Inc. 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b "Roslyn Savings Bank name replaced after 149 years with the Flagstar Bank brand". Newsday. February 22, 2024. Retrieved March 7, 2024.
- ^ a b "New York Community Bancorp, Inc. - NEW YORK COMMUNITY BANK AND FLAGSTAR BANK COMPLETE THE OPERATIONAL CONVERSION OF SYSTEMS AND RETAIL BRANCH NETWORK; UNVEILS NEW NATIONAL BRANDING ACROSS ALL BRANCHES". Retrieved March 7, 2024.
- ^ Putzier, Konrad (November 1, 2015). "Ranking New York's biggest real estate lender". The Real Deal.
- ^ "Metro Business: Haven Bancorp Acquired". The New York Times. Bloomberg L.P. June 29, 2000.
- ^ "New York Community Bancorp, Inc. and Richmond County Financial Corp. Announce Merger-of-Equals in an $802 Million Transaction Expected to Generate 2002 Cash Earnings Accretion of 16%" (Press release). U.S. Securities and Exchange Commission. March 27, 2001.
- ^ Solnik, Claude (December 28, 2001). "NYCB acquires balance of Peter B. Cannell & Co". Long Island Business News.
- ^ "New York Community Bancorp, Inc. Completes Strategic Merger with Roslyn Bancorp, Inc" (Press release). New York Community Bancorp. November 3, 2003.
- ^ "NEW YORK COMMUNITY BANCORP, INC. TO ACQUIRE LONG ISLAND FINANCIAL CORP" (Press release). U.S. Securities and Exchange Commission. August 1, 2005.
- ^ Diamataris, Antonis (October 14, 2005). "Ntl. Bank of Greece Sells Atlantic Bank to New York Bank for $400M in Cash". The National Herald.
- ^ "New York Community Bancorp, Inc. Announces the Acquisition of 11 New York City Branches of Doral Bank, FSB by New York Commercial Bank" (Press release). Business Wire. March 15, 2007.
- ^ "New York Community Bancorp, Inc. Completes the Acquisition of PennFed Financial Services, Inc" (Press release). Business Wire. April 2, 2007.
- ^ "New York Community bank buys Synergy for $168 mln". Reuters. May 14, 2007.
- ^ "FDIC Failed Bank Information: Information for AmTrust Bank, Cleveland, OH". Federal Deposit Insurance Corporation.
- ^ Murray, Teresa Dixon (December 4, 2009). "AmTrust Bank fails, bought by New York bank". Cleveland Plain Dealer.
- ^ "New York Community Bancorp, Inc. Announces Strategic Sale of Mortgage Banking Business and Residential Assets Covered under FDIC Loss Share Agreement" (Press release). Business Wire. June 27, 2017.
- ^ "FDIC Failed Bank Information: Information for Desert Hills Bank, Phoenix, AZ". Federal Deposit Insurance Corporation.
- ^ Casacchia, Chris (March 27, 2010). "Desert Hills Bank latest to be shut down by FDIC". American City Business Journals.
- ^ "Lehman Brothers Holdings Announces Completion of the Sale of Substantially All Aurora Bank Assets and Insured Deposits" (Press release). Business Wire. June 29, 2012.
- ^ Orol, Ronald (December 20, 2016). "N.Y. Community Bank Scraps $2 Billion Astoria Deal as Fed Review Lingers". TheStreet.com.
- ^ "New York Community Bancorp, Inc. and Astoria Financial Corporation Announce the Termination of Their Definitive Merger Agreement Effective January 1, 2017" (Press release). Business Wire. December 20, 2016.
- ^ a b Baumbach, Jim; Ferrette, Candice (August 27, 2020). "The name NYCB Live's Nassau Coliseum is no more". Newsday. Retrieved October 14, 2020.
- ^ "New York Community Bancorp, Inc. Announces Leadership Transition Plan" (Press release). PR Newswire. December 28, 2020.
- ^ "NEW YORK COMMUNITY BANCORP, INC. COMPLETES ACQUISITION OF FLAGSTAR BANCORP, INC" (Press release). PR Newswire. December 1, 2022.
- ^ Winzelberg, David (December 7, 2022). "NYCB completes acquisition of Flagstar Bancorp". Long Island Business News.
- ^ "New York Community Bank to buy failed Signature Bank". NBC News. March 19, 2023.
- ^ Egan, Matt (2024-02-07). "New York Community Bancorp's credit rating downgraded to junk on real estate concerns". CNN. Retrieved 2024-02-07.
- ^ Buchwald, Elisabeth (2024-01-31). "Regional banks are back in focus after NY Community Bancorp stock drops 38% in one day". CNN. Retrieved 2024-02-07.
- ^ Pound, Jesse (2024-02-29). "Shares of NYCB fall more than 20% after bank discloses 'internal controls' issue, CEO change". CNBC. Retrieved 2024-03-01.
- ^ Saini, Manya (7 March 2024). "NYCB eyes potential loan book sales, deposits shrink 7%". Reuters.
Joseph Otting, former Comptroller of the Currency in the Trump administration, was named NYCB's CEO on Wednesday as part of a $1 billion capital injection from a group of investors that included former Treasury Secretary Steven Mnuchin. [...] "While this deal provides a much-needed lifeline to NYCB, it is tremendously dilutive to common shareholders," analysts at Wedbush said. In exchange for their capital, NYCB's investors bought common shares at $2 each, along with preferred stock.
- ^ Alpert, Bill (29 February 2024). "NYCB Stock Sinks After Finding 'Material Weaknesses' in Its Loan Review Process". Barron's. Retrieved 7 March 2024.
- ^ "NYCB closes $1 bln capital infusion deal, announces reverse stock split". Reuters. Retrieved 12 March 2024.
External links
[edit]Media related to New York Community Bank at Wikimedia Commons
- Business data for New York Community Bancorp, Inc.: