A Shun of the bank is not the same as a run on the bank. But the effect can sometimes be the same.
The latest bank to suffer from the banking crisis that erupted last year is a name that most people might not remember. NY Community Bancorp announced their year end financial results and their 4th quarter results.
The bank was the winning bidder in the auction to take over the assets of Signature Bank when it failed in the Spring of 2023. Signature was the second bank to fail after Silicon Valley Bank.
NY Community Bancorp completed two acquisitions in less than a year. They bought Flagstar Bank in December of 2022 and Signature in the Spring of 23.
They took on nearly 40 branches that belonged to Signature Bank and $38B in Assets from the FDIC. At the time they trumpeted how good a deal they got on the assets. Well, they made a surprise announcement last week as part of their Q4 financials.
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Host: Victor Menasce
email: [email protected]
