New York Community Bank
New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.
Some of the key events about New York Community Bank
- 1859Founded as Queens County Savings Bank in Flushing, New York
- 1965Expanded operations by opening its first branch outside of Queens
- 1993Became a publicly traded company on the NASDAQ stock exchange
- 1993Faced criticism for aggressive expansion through acquisitions
- 2000Acquired Haven Bancorp, significantly expanding its presence in New York
- 2001Rebranded as New York Community Bank to reflect its broader regional focus
- 2003Encountered regulatory scrutiny over lending practices
- 2007Acquired PennFed Financial Services, expanding into New Jersey
- 2009Acquired AmTrust Bank from the FDIC, expanding into Florida and Arizona
- 2009Received negative attention for accepting TARP funds during financial crisis
- 2010Criticized for high executive compensation despite economic downturn
- 2012Acquired 51 branches from Aurora Bank FSB, strengthening its New York presence
- 2015Fined $500,000 for violating the Bank Secrecy Act
- 2018Experienced significant stock price decline due to market concerns
- 2020Closed numerous branches, impacting local communities
- 2021Acquired Flagstar Bancorp, expanding its national footprint and diversifying its business
- 2021Faced backlash for involvement in Archegos Capital Management collapse
- 2022Criticized for exposure to commercial real estate during market downturn
- 2023Acquired substantial portions of Signature Bank, further expanding its operations
- 2023Acquired failed Signature Bank, raising concerns about risk management
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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