New York Community Bancorp, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired t New York Community Bancorp. (“NYCB” or the “Company”) (NYSE: NYCB) shares during the period from March 1, 2023 through February 5, 2024, inclusive. Investors have until February 20, 2024 to apply to the Court to be appointed lead plaintiff in the lawsuit.
On March 20, 2023, the Company entered into a Purchase and Assumption Agreement to acquire certain assets and assume certain liabilities of Signature Bridge Bank, N.A. (“Signature”). On January 31, 2024, before the market opened, NYCB announced its fiscal fourth quarter 2023 financial results. The Company reported a fourth quarter net loss of $252 million due to “a $552 million provision for loan losses," which was “primarily attributable to higher net charge-offs” and a significant increase in the ACL [allowance for credit losses]” coverage ratio. Additionally, the Company disclosed that it would cut its quarterly dividend to $0.05 per common share. The Company further explained that these actions were “necessary enhancements” after NYCB “crossed th[e] important threshold [of becoming a $100 billion bank] sooner than anticipated as a result of the Signature transaction.” Crossing this $100 billion threshold subjected NYCB to enhanced banking standards and requirements. On this news, the price of NYCB shares declined by $3.90, or approximately 37.57%, from $10.38 per share on January 30, 2024 to close at $6.47 per share on January 31, 2024, on unusually heavy trading volume.
On March 20, 2023, the Company entered into a Purchase and Assumption Agreement to acquire certain assets and assume certain liabilities of Signature Bridge Bank, N.A. (“Signature”). On January 31, 2024, before the market opened, NYCB announced its fiscal fourth quarter 2023 financial results. The Company reported a fourth quarter net loss of $252 million due to “a $552 million provision for loan losses," which was “primarily attributable to higher net charge-offs” and a significant increase in the ACL [allowance for credit losses]” coverage ratio. Additionally, the Company disclosed that it would cut its quarterly dividend to $0.05 per common share. The Company further explained that these actions were “necessary enhancements” after NYCB “crossed th[e] important threshold [of becoming a $100 billion bank] sooner than anticipated as a result of the Signature transaction.” Crossing this $100 billion threshold subjected NYCB to enhanced banking standards and requirements. On this news, the price of NYCB shares declined by $3.90, or approximately 37.57%, from $10.38 per share on January 30, 2024 to close at $6.47 per share on January 31, 2024, on unusually heavy trading volume.