New York Community Bank plunges 40% after reporting $260M loss

New York Community Bancorp acquired the assets and liabilities of the collapsed Signature Bank during the regional banking turmoil last year.

New York Community Bancorp (NYCB), which purchased the collapsed crypto-friendly Signature Bank last year, showed a massive drop in shares after the company reported it had incurred a $260 million loss in the fourth quarter of 2023 and reduced its dividend. 

In March 2023, Signature Bank officially closed down and was taken over by the New York Department of Financial Services (NYDFS). A week after the collapse, the NYCB swooped in to buy the non-crypto deposits and loans of the failed bank. 

On March 20, the United States Federal Deposit Insurance Corporation (FDIC) announced that Signature Bank’s 40 branches will operate as Flagstar Bank, a wholly-owned subsidiary of the NYCB.

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