Embattled New York Community Bancorp gets $1 billion cash infusion, adds Steven Mnuchin to its board

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The Associated Press

Stan Choe And Ken Sweet

Published Mar 06, 2024 • Last updated 9 minutes ago • 3 minute read

FILE – The logo for New York Community Bancorp is displayed above a trading post on the floor of the New York Stock Exchange, Jan. 31, 2024. New York Community Bancorp’s stock plunged even more Wednesday, March 6, 2024 sending it below $2 and down more than 80% for the year so far. Photo by Richard Drew /THE ASSOCIATED PRESS

NEW YORK (AP) — Embattled New York Community Bancorp announced a lifeline of more than $1 billion from a group of investors on Wednesday, after seeing its stock plunge by more than 80% this year.

The announcement sent shares of the bank, which has been hammered by weakness in commercial real estate and growing pains resulting from its buyout of a distressed bank, on a wild ride. After nearly halving early in the day, the stock surged nearly 30% after the announcement, only to give it all up and then swivel before ending with a gain of 7.5%.

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The Associated Press

2024-03-06 16:42:21

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