Flagstar Financial

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File:New York Community Bank footprint 2010-05.png
New York Community footprint in the New York metropolitan area (upper-left), southern Florida (upper-right), Ohio (lower-left), and Arizona (lower-right)

Flagstar Financial, Inc. (FLG), is an American regional financial services holding company headquartered in Hicksville, New York. In 2023, the bank operated 395 branches[1] However, they rebranded all of these under the Flagstar name on February 21, 2024.[2][3]

A large majority of the loans originated by the bank are either multi-family or commercial loans, many in New York City, to buildings subject to laws regarding rent regulation in New York. However, it does not offer construction loans.[4]

History

NYCB was founded on April 14, 1859, in Flushing, Queens, as Queens County Savings Bank,[1] and changed its name on December 15, 2000, to New York Community Bank to better reflect its market area beyond Queens.

In 1993, the company became a public company via an initial public offering.[1]

NYCB underwent multiple acquisitions in the 2000s, acquiring Haven Bancorp for $196 million in 2000,[5] Richmond County Financial in an $802 million transaction in 2001,[6] asset manager Peter B. Cannell & Co. in 2002,[7] Roslyn Bancorp in a $1.6 billion transaction in 2003,[8] Long Island Financial in a $70 million transaction in 2005,[9] Atlantic Bank of New York from the National Bank of Greece for $400 million in 2006,[10] 11 branches in New York City from Doral Financial Corporation in March 2007,[11] Penn Federal Savings Bank for $262 million in April 2007 (adding branches in East Central and North East New Jersey),[12] and Synergy Bank of Cranford, New Jersey, for $168 million in stock in October 2007. In September 2009, NYCB re-branded the Synergy branches to Garden State Community Bank.[13]

In December 2009, the Federal Deposit Insurance Corporation seized AmTrust, a bank headquartered in Cleveland, OH with 66 branches and $13 billion in assets in Ohio, Florida and Arizona.[14] NYCB acquired Amtrust, which expanded NYCB's branch footprint outside of the New York metropolitan area for the first time.[15] In 2017, the bank sold the mortgage business acquired from the purchase of AmTrust at a $90 million profit.[16]

In March 2010, Desert Hills Bank of Phoenix, Arizona, with $496 million in assets, was seized by the FDIC and acquired by NYCB.[17][18]

In June 2012, NYCB acquired the assets of Aurora Bank from Lehman Brothers.[19]

On October 29, 2015, the bank announced an agreement to merge with Astoria Bank, but the proposed merger was terminated in December 2016 after failing to win regulatory approval.[20][21]

On November 4, 2016, Brooklyn Sports & Entertainment announced that the bank had acquired the naming rights to Nassau Coliseum; it was renamed "NYCB Live: Home of the Nassau Veterans Memorial Coliseum", due to agreements requiring that "Nassau Veterans Memorial Coliseum" remain in the arena's name.[22] NYCB pulled out of its naming rights contract in late August 2020 due to uncertainty surrounding the property after a June 2020 closure and subsequent new leaseholder.[22]

In December 2020, President, CEO and Board member Joseph Ficalora announced his retirement. Thomas Cangemi, the company's Chief Financial Officer since 2005, became president and CEO.[23]

In December 2022, the bank acquired Flagstar Bank.[24][25]

On March 19, 2023, NYCB acquired $38.4 billion in assets from the liquidated Signature Bank in a $2.7 billion deal, with 40 Signature branches being converted to Flagstar locations.[26]

On February 6, 2024, the bond credit rating provider Moody's Investors Service downgraded NYCB's credit rating to junk status, attributed to its exposure in commercial real estate lending.[27] NYCB had reported a quarterly loss of $252 million one week prior.[28]

As a result of their acquisition of Flagstar bank in 2022 the company rebranded all of their branches to Flagstar on February 21, 2024.[2][3]

In February 2024, Alessandro DiNello, its executive chairman, was appointed president and CEO.[29] His tenure was brief. In March 2024 Joseph Otting was appointed a new CEO after NYCB secured $1 billion equity injection from the investment firm run by former Treasury Secretary Steven Mnuchin, Hudson Bay Capital and Reverence Capital, at $2 a share[30] NYCB stock had previously plummeted in late February after the bank announced a $2.4 billion December quarter earnings hit.[31]

On March 11, 2024 NYCB announced the plans to submit one-for-three reverse stock split of its common stock to shareholders.[32]

On October 15, 2024, New York Community Bancorp officially rebranded to Flagstar Financial, and changed its stock ticker from NYCB to FLG.[33][34]

See also

References

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  33. ↑ Script error: No such module "citation/CS1".
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External links

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