New York Community Bancorp names new chairman after shares drop 22%

By Ovunc Kutlu

ISTANBUL (AA) - New York Community Bancorp appointed a new executive chairman Wednesday, one day after its stock price plummeted 22% after falling by more than 10% on Monday.

Alessandro DiNello, who served as the non-executive chairman of the board after joining the company in December 2022, will work alongside President and CEO Thomas R. Cangemi "to improve all aspects of the Bank's operations," the bank said in a statement.

DiNello was president and CEO of Flagstar Bank since 2013, which was acquired by New York Community Bancorp at the end of 2022 in an all stock merger.

The bank, in addition, acquired $38.4 billion worth of assets from liquidated Signature Bank in a $2.7 billion deal in March.

New York Community Bancorp posted a $260 million net loss available to common stockholders in the fourth quarter, compared to net income available to common stockholders of $199 million in the third quarter, according to its financial results.

Due to weak financial results, the bank's shares plummeted more than 37% on Jan. 31 and an additional 11% the following day.

The stock price has plummeted 59.9% since the beginning of the year.

Moody's announced late Tuesday it downgraded the bank’s credit ratings two levels to junk status.