During last spring’s banking crisis, when a competing lender went under, New York Community Bank pounced, acquiring a big chunk of its business.
The pain stems largely from a weakening commercial real estate market that impelled NYCB — which operates more than 400 branches under brands including Flagstar Bank — to admit to mounting losses.
After the bank rushed to project stability, including by releasing a new set of financial disclosures on Tuesday evening that one analyst termed a “late night news dump,” shares rose 7 percent on Wednesday.
Whether its efforts will stick is an open question.
NYCB executives, who just a week ago had been tight-lipped about the bank’s finances, opened up the books on Wednesday and laid out turnaround plans on a public conference call.
Persons:
Flagstar Bank —
Organizations:
New York Community Bank pounced, Flagstar Bank, Signature Bank