NY Community Bank Sees $6B in Withdrawals But Avoids Bank Run Despite Recent Downgrades
• Customers withdrew $6 billion from New York Community Bank (NYCB) between February 5 and March 5, leaving the bank with $77 billion in deposits, down 7% • The withdrawals were not indicative of a full-on bank run like seen at Silicon Valley Bank recently • NYCB secured a $1 billion investment to shore up its finances after reporting a surprise $252 million loss last quarter • NYCB was downgraded to junk status by ratings agencies Moody's and Fitch recently • NYCB slashed its dividend to just $0.01 per share, down from $0.05 per share previously