Posted on 02/09/2024 1:55:28 PM PST by george76
New York Community Bank on Wednesday promoted its chairman to help stabilize the company’s operations.
Late Tuesday Moody’s Investors Service downgraded NYCB’s credit ratings two notches to junk.
The regional bank has been in free fall, shedding more than 50% of its market value across a punishing series of trading sessions, since reporting a surprise fourth-quarter loss last week.
...
New York Community Bank on Wednesday promoted its chairman to help stabilize the company’s operations, hours after Moody’s Investors Service downgraded the bank’s credit ratings two notches to junk.
Shares gained nearly 7% Wednesday after initially falling as much as 14%. The stock fell more than 20% Tuesday.
...
The regional bank has been in free fall, shedding more than 50% of its market value across a punishing series of trading sessions, since reporting a surprise fourth-quarter loss last week, along with mounting losses on commercial real estate and the need to slash its dividend by 71% to shore up capital levels.
The moves reignited concerns that some small and medium-sized banks could be squeezed by declines in profitability and losses on real estate holdings.
...
Moody’s cited “multi-faceted financial, risk-management and governance challenges” at NYCB in its note late Tuesday downgrading the bank.
It downgraded all the bank’s long-term ratings to Ba2 from Baa3, which is junk status, partly on concerns about turnover of the firm’s risk management leaders, and warned the assessments remain on review for further downgrade.
...
During last year’s regional banking crisis, institutions including Silicon Valley Bank and First Republic were drained of deposits after customers pulled cash from the banks.
In a call Wednesday morning with investors, DiNello acknowledged the gravity of the situation NYCB suddenly finds itself in.
(Excerpt) Read more at cnbc.com ...
Per the FDIC’s Bankfind, it was bought or merged into another institution 12/01/2022 and doesn’t exist any more. How old is this story? Looks like Flagstar took it over.
https://banks.data.fdic.gov/bankfind-suite/bankfind/details/16022
Feb. 7, 2024 /PRNewswire/ — New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today announced the appointment of Alessandro (Sandro) DiNello as Executive Chairman effective immediately.
In addition to continuing his role on the Board, Mr. DiNello will work alongside President and CEO, Thomas R. Cangemi, and the rest of the senior executive leadership team, to improve all aspects of the Bank’s operations.
I am curious-—What it the notch above junk????
“nd doesn’t exist any more.”
NYCB is the holding company for FlagStar bank. Stock trades under NYCB symbol.
“How old is this story?”
2 days.
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