Posted 3/7/2024, 8:21:00 PM
NY Community Bank Announces New CEO, Investor Backing Amid Deposit Declines and Dividend Cuts
- Incoming NYCB CEO Joseph Otting working on new business plan, to be presented in April
- NYCB received $1 billion equity infusion from investor group including former Treasury Secretary Steven Mnuchin
- NYCB reported 7% decline in deposits to $77.2 billion as of March 5
- NYCB announced second dividend cut this year, reducing payout to 1 cent per share
- NYCB working to stabilize after surprise Q4 loss, passing $100B threshold after Flagstar acquisition