New York Community Bancorp: The Preferred Stock Looks Like A Good Bet After Q4 Earnings
NYCBNew York munity Bancorp(NYCB) Seeking Alpha·2024-05-03 01:15

Spencer Platt In February, I covered the chaos at New York Community Bancorp, Inc. (NYSE:NYCB) after key risk and audit executives resigned, the bank reported a Q4 loss, and Moody's downgraded its credit. Fortunately for NYCB, an investor group led by former US Treasury Secretary Steve Mnuchin stepped in with a $1 billion rescue package in March, giving the group roughly 40% control of the bank and a new CEO. Since then, the new management has begun a cleanup operation to diversify and return the bank to pr ...