New York Community Bancorp, Inc. (NYCB) has announced the effectiveness of a one-for-three reverse stock split as of July 12, 2024. This means that every three shares of the company's common stock have been combined into one issued share. As a result of this reverse stock split, the number of authorized shares of the company's common stock has been decreased from 2,000,000,000 to 666,666,666.
At March 31, 2024, the company had $112.9 billion of assets, $83.3 billion of loans, deposits of $74.9 billion, and total stockholders’ equity of $8.4 billion. Flagstar Bank, N.A., a subsidiary of New York Community Bancorp, Inc., operates 419 branches and has market-leading positions in several national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. Additionally, Flagstar Mortgage is the seventh largest bank originator of residential mortgages for the 12-months 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 4.5% to a price of $10.55. For more information, read the company's full 8-K submission here.
