New York Community Bank Shares Plunge 42% After Taking Over Signature Bank’s Non-Crypto-Related Deposits
The stock price of New York Community Bank (NYCB) plummeted by 42% today, and NYCB also lowered its quarterly dividend to $0.05, a decrease of about 71% from the previous quarter. FactSet data shows that the bank's fourth-quarter loss per share was $0.36, lower than the analyst's expected earnings per share of $0.27. The company stated in a statement that its fourth-quarter net profit and diluted earnings per share were impacted by "merger-related items and FDIC special assessments". Last year, after regulatory authorities in the United States closed down crypto-friendly banks, NYCB's Flagstar Bank division took over non-crypto-related deposits held by Signature Bank, one of the banks that collapsed during the "banking crisis" in 2023, when Silvergate Bank voluntarily liquidated and Silicon Valley Bank collapsed.
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