New York Community Bancorp (NYCB) shot up 12% at the start of trading on Thursday, but that lead was cut to 6% when the embattled lender announced that 7% of deposits had left the bank over the past month.
stock makes gains on Thursday following Mnuchin rescue. New York Community Bancorp says deposits fell by 7% over past month.
has been on a wild ride all week. The S&P 500gained over 1% on Thursday, while the NASDAQ jumped slightly more than 1.5%. New York Community Bancorp stock news The fact that 7% of deposits have fled New York Community over the past month is rebuffed somewhat by an earlier announcement that deposits had risen from $81.4 billion to $83 billion between the end of 2023 and February 4, 2024.
stock traded as low as $1.70 on Wednesday before the trading halt. Shares reopened above $4 per share once it was announced that Mnuchin’s Liberty Strategic Capital would invest $450 million, Hudson Bay Capital Management would invest $250 million and Reverence Capital Partners would invest $200 million. Other entities and individuals, including Citadel Global Equities, would round out the deal to provide the bank with a $1.05 billion cash infusion.
stock has spent the whole day in the green, but its early lead has been steadily dissipating.The Thursday open saw a huge jump to the $3.90s give wayto the $3.60s, but buyers were present to pick up the slack at that level.
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