| New York Community Bancorp, Inc. | |
| Former Name: | Queens County Savings Bank (1859–2000) |
| Type: | Public company |
| Traded As: | S&P 400 component |
| Hq Location: | Hicksville, New York, U.S. |
| Locations: | 420 branches |
| Industry: | Commercial bank |
| Products: | Multi-family loans Commercial real estate loans |
| Revenue: | US$5.491 billion |
| Revenue Year: | Fiscal Year Ended December 31, 2023[1] |
| Operating Income: | US$2.406 billion (Fiscal Year Ended December 31, 2023) |
| Net Income: | US$2.374 billion |
| Net Income Year: | Fiscal Year Ended December 31, 2023 |
| Assets: | $116.322 billion |
| Assets Year: | Fiscal Year Ended December 31, 2023 |
| Equity: | $10.820 billion |
| Equity Year: | Fiscal Year Ended December 31, 2023 |
| Num Employees: | 7,497 |
| Num Employees Year: | As of December 31, 2022[2] |
| Subsid: | Flagstar Bank |
| Ratio: | 11.36% Common equity tier 1 capital (2017) |
| Homepage: | https://ir.mynycb.com |
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]
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]