Is NYCB a safe bank?
For instance, while Fitch Ratings cut NYCB's credit ratings to junk last week, it kept the bank's long-term uninsured deposits at BBB-, one level above junk.
Fitch Affirms New York Community Bancorp at 'BB+' on Capital Infusion Announcement. Fitch Ratings - New York - 07 Mar 2024: Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Ratings of New York Community Bancorp (NYCB) and its bank subsidiary, Flagstar Bank, N.A. at 'BB+'/'B'.
| Moody's | Fitch | |
|---|---|---|
| Long-Term Issuer Rating | Ba2 | BBB- |
| Subordinated Debt | Ba2 | BB+ |
| Trust Preferred Securities | B1 | B+ |
As of March 2024 New York Community Bank has a market cap of $2.82 Billion. This makes New York Community Bank the world's 3559th most valuable company by market cap according to our data.
NYCB comes with company-specific problems due to its heavy exposure to commercial real estate loans since it acquired the distressed Signature Bank last year. Economic weakness, remote work, and mass relocation have severely impacted demand for office and commercial spaces, especially in some cities.
NYCB, which is based in Hicksville, New York, said last week that it had found significant weakness in how it internally reviews loans, caused by ineffective oversight, risk assessment and monitoring activities. That caused it to delay filing its annual report, and it reshuffled its top management.
- Corning Credit Union - Best Overall.
- New York Community Bank - Best Customer Satisfaction.
- USALLIANCE Financial Credit Union - Best Rates.
- Ridgewood Savings Bank - Best Fees.
- AmeriCU Credit Union - Best Rewards.
As an FDIC Member, the coverage is automatic – so you don't need to apply for FDIC insurance.
The Company is headquartered in Hicksville, New York. At December 31, 2023, the Company had $113.9 billion of assets, $85.8 billion of loans, deposits of $81.4 billion, and total stockholders' equity of $8.4 billion.
'aaa' ratings denote the best prospects for ongoing viability and lowest expectation of failure risk. They are assigned only to financial institutions with extremely strong and stable fundamental characteristics, such that they are most unlikely to have to rely on extraordinary support to avoid default.
Is New York Community Bank a big bank?
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. New York Community Bancorp, Inc. New York Community Bank headquarters, Hicksville, New York, U.S.
- Capital One. 691.
- PNC Bank. 674.
- Chase. 666.
- Valley National Bank. 659.
- NBT Bank. 657.
- TD Bank. 655.
- New York Community Bank. 652.
- Bank of America.
- JPMORGAN CHASE. Member FDIC.
- U.S. BANK. U.S. Bank, also referred to as U.S. Bancorp, is a large bank based in Minneapolis, Minnesota, and currently stands as the fifth-largest banking institution in the U.S. ...
- PNC BANK. ...
- CITIBANK. ...
- WELLS FARGO. ...
- CAPITAL ONE. ...
- M&T BANK CORPORATION. ...
- AGRIBANK.
Shares of New York Community Bank slid more than 25 percent on Friday, a day after the lender said its loss in the fourth quarter was $2.4 billion more than it had previously reported, and also announced the departure of its chief executive and a board member.
Bigger loss and “material weakness” in controls
New York Community Bancorp announced that it had identified "material weaknesses" in the company's internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities.
NYCB's main business is in real estate lending. In its 2022 annual report, the company touted its footholds in rent-regulated multi-family housing (apartment buildings where local law spells how much landlords can raise their tenants' rents), mortgages, and warehouses.
Out of 14 analysts, 1 (7.14%) are recommending NYCB as a Strong Buy, 0 (0%) are recommending NYCB as a Buy, 12 (85.71%) are recommending NYCB as a Hold, 1 (7.14%) are recommending NYCB as a Sell, and 0 (0%) are recommending NYCB as a Strong Sell.
Alessandro P. DiNelloExecutive Chairman, President, & Chief Executive Officer. Alessandro (Sandro) DiNello serves as Executive Chairman, President, and Chief Executive Officer of New York Community Bancorp, Inc. and its bank subsidiary, Flagstar Bank, N.A., which he was appointed to in February 2024.
(NYSE: NYCB) (the "Company)" and its subsidiary, Flagstar Bank, N.A., ("Flagstar" or the "Bank"), today announced completion of the operational conversion of systems for New York Community Bank and Flagstar Bank, and national rebranding to Flagstar—further integrating the Company as one bank and one team.
| Bank | Forbes Advisor Rating | Products |
|---|---|---|
| Chase Bank | 5.0 | Checking, Savings, CDs |
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
What is the least secure bank in the US?
The worst banks are Wells Fargo and Citibank. Wells Fargo is the worst bank overall, with a high percentage of unresolved complaints and loss of Better Business Bureau accreditation. Citibank has a string of high-profile cases involving operational chaos and regulatory fines.
1. JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. “With J.P. Morgan, each client is given access to a panel of experts, including experienced strategists, economists and advisors.”
New York Community Bancorp credit rating cut to junk; shares fell 26% Friday. , after more signs of trouble at that lender and a smaller peer revived fears about the stability of the sector a year after a string of high-profile failures. NYCB closed at its lowest level since 1997.
On March 26, 2023, the FDIC entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, N.A., with First–Citizens Bank & Trust Company, Raleigh, NC. As part of this transaction Silicon Valley Bridge Bank, N.A, was placed into receivership.
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| REGULATORY CAPITAL RATIOS: (1) | ||
| New York Community Bancorp, Inc. | ||
| Common equity tier 1 ratio | 9.10 % | 9.06 % |
| Tier 1 risk-based capital ratio | 9.67 % | 9.78 % |
