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Msg  8712 of 8742  at  3/19/2023 11:19:11 PM  by



Many, many years ago I bought a few shares of New York Community Bank. The Dividend was quite high, yield about 7%. Jim Cramer talked about it several times, said he thought the dividend suggested it would be acquired by a larger bank. That never happened and the share price just dropped over the years. During the years it's assets grew and that was a problem because they were near the threshold where they would face increased regulation and high loan reserve requirements.
I lost interest in following it but held the shares with dividend reinvestment.
Now the shares are way down to $6.54! But, ha ha, the yield is up, DIVIDEND YIELD 10.40%
Now they are in the news!
New York Community Bank to buy failed Signature Bank
By The Associated Press
New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.

The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank’s subsidiaries. The deal will include the purchase of $38.4 billion in Signature Bank’s assets, a little more than a third of Signature’s total when the bank failed a week ago.

The FDIC said $60 billion in Signature Bank’s loans will remain in receivership and are expected to be sold off in time.

Signature Bank was the second bank to fail in this banking crisis, roughly 48 hours after the collapse of Silicon Valley Bank. Signature, based in New York, was a large commercial lender in the tristate area, but had in recent years gotten into cryptocurrencies as a potential growth business.

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8713 Re: NYCB okie_flats 2 3/19/2023 11:24:56 PM

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