Its a pivotal movement for the bank. These adjustments are expected. It's going to grow for rest of 2024 quarters.
New York Community Bancorp Stock Plunges 37% After Swinging to a Loss, Cutting Dividend
Shares of New York Community Bancorp fell after the parent of Flagstar Bank swung to a fourth-quarter loss and slashed its dividend to shore up capital in the aftermath of its purchase of the assets of the collapsed Signature Bank.The stock fell about 16% to $8.75 in premarket trading. Through Tuesday's close, shares were up about 4% over the past 12 months.Chief Executive Thomas Cangemi said the bank holding company is adjusting to the demands of being a large bank after its purchase of assets and liabilities from Signature Bank.With the deal, the company's assets under management surpassed $100 billion, "subjecting us to enhanced prudential standards, including risk-based and leverage capital requirements, liquidity standards" and more, he said."We took decisive actions to build capital, reinforce our balance sheet, strengthen our risk management processes, and better align ourselves with the relevant bank peers," Cangemi said.Those steps include cutting the company's quarterly divid
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
