The deal bolsters NYCB's liquidity and capital as it executes a crucial turnaround to return to profitability over the next two years. NYCB expects the...
FILE PHOTO: A trader works at the post where New York Community Bancorp stock is traded on the floor at the NYSE in New York - Embattled regional lender New York Community Bancorp said on Tuesday it has agreed to sell about $5 billion in mortgage warehouse loans to JPMorgan Chase.
NYCB expects the transaction will add 65 basis points to its CET1 capital ratio and bolster its liquidity profile as the proceeds of the sale will be reinvested into cash and securities, it said. It had said it would cut exposure to the commercial real estate sector, its core business, which has been roiled by higher borrowing costs and lower occupancy, to around $30 billion from nearly $47 billion at the end of March.
This dividend stock is still down by 36% in the last year but offers even more growth after taking a year to balance the books. The post Should You Buy This 7% Dividend Stock While it’s Below $6? appeared first on The Motley Fool Canada.4 Stocks I Think Every Canadian Should Have in a TFSA
Jpmorgan Chase Warehouse Loans Loans
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NYCB delays annual shareholders meeting by two weeksExplore stories from Atlantic Canada.
Read more »
NYCB Investors Await New CEO’s Vision as Credit Questions LingerNew York Community Bancorp Inc. has had one of the most tumultuous quarters in recent banking history. Its first-quarter earnings will probably reveal more about impacts from the drama — and management’s plan to move forward.
Read more »
NYCB CEO predicts a 'clear path to profitability' after disclosing first-quarter lossTroubled regional lender New York Community Bancorp lost $327 million in the first quarter, but its stock soared as the CEO promised a 'clear path to...
Read more »
NYCB’s Results Are Better Than Worst Fears After Rocky QuarterNew York Community Bancorp Inc.’s charge-offs and provisions for potential loan losses declined in the first quarter from the previous three months, which could help allay commercial-property concerns that have hounded the lender since it last reported results.
Read more »
NYCB stock surges, CEO says path to profitability in sightShares of New York Community Bancorp (NYCB) are surging in Wednesday's pre-market trading session as CEO Joseph Otting claimed that the company has a 'clear ...
Read more »
NYCB short sellers stare at $42 million in losses after post-earnings rally, Ortex saysExplore stories from Atlantic Canada.
Read more »