Embattled New York Community Bancorp is getting a lifeline of more than $1 billion as a group of investors plug cash into the troubled bank. The deal will bring four new directors to the board, including Steven Mnuchin, the former U.S. Treasury secretary under President Donald Trump.
FILE - The logo for New York Community Bancorp is displayed above a trading post on the floor of the New York Stock Exchange, Jan. 31, 2024. New York Community Bancorp’s stock plunged even more Wednesday, March 6, 2024 sending it below $2 and down more than 80% for the year so far. NEW YORK — Embattled New York Community Bancorp announced a lifeline of more than $1 billion from a group of investors on Wednesday, after seeing its stock plunge by more than 80% this year.
The investors will receive stock in the company valued at $2 per share, along with convertible preferred stock that could pay dividends every three months.Microsoft engineer sounds alarm on AI image-generator to US officials and company’s board Stocks of other regional banks, which have been caught up in the same anxieties that have afflicted NYCB, also wobbled. An index of regional bank stocks went from a loss of 3.1% before the announcement to a slight gain and back to a loss of 0.1%.at auction on March 19 for $2.7 billion. Signature was one two banks crumbled in last year’s mini-crisis for the industry, where bank runs also sped the collapse of Silicon Valley Bank.
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