New York Community Bancorp, Inc. (NYCB) has announced the approval of a one-for-three reverse stock split, which was previously approved by its shareholders at the annual meeting held on June 5th. The board of directors passed a resolution approving the stock split, which is expected to become effective in mid-to-late July.
As of March 31, 2024, NYCB reported $112.9 billion in assets, $83.3 billion in loans, deposits of $74.9 billion, and total stockholders’ equity of $8.4 billion. Flagstar Bank, N.A., a subsidiary of NYCB, operates 419 branches, with strong footholds in the northeast and midwest, as well as exposure to high-growth markets in the southeast and west coast. Flagstar Mortgage, the bank's national wholesale network, consists of approximately 3,000 third-party mortgage originators. Additionally, NYCB has about 100 private banking teams serving high-net worth individuals and their businesses in over ten cities in the metropolitan New York City region and on the west coast.
NYCB's market-leading positions in several national businesses include multi-family lending, mortgage origination and servicing, and warehouse lending. Flagstar Mortgage is noted as the seventh largest bank originator of residential mortgages for the 12-month period ending March 31, 2024, and the industry’s fifth largest sub-servicer of residential mortgage loans nationwide, servicing 1.4 million accounts with $367 billion in unpaid principal balances. Today the company's shares have moved 6.5% to a price of $3.45. If you want to know more, read the company's complete 8-K report here.
