NYCB sets reverse stock split for July

By Steve Gelsi

Bank's board approves plan for a one-for-three reverse stock split

New York Community Bancorp Inc. said Thursday it plans to carry out a three-for-one reverse stock split in mid-to-late July.

NYCB's (NYCB) shareholders approved the move at the bank's annual meeting on June 5.

NYCB's stock fell 1% in premarket trading to $3.03 a share.

The reverse stock split comes after NYCB's share price fell sharply earlier this year from above $10 a share down to a low of $1.70 a share after it said it faced material weaknesses on its balance sheet and disclosed losses on two commercial-real-estate loans.

The bank then replaced its CEO and re-worked its ownership structure with $1 billion in capital from Liberty Capital, the private-equity firm run by former U.S. Treasury Secretary Steven Mnuchin.

Also read: JPMorgan is buying NYCB loans partly to help smaller bank's turnaround: source

-Steve Gelsi

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06-27-24 0911ET

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