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FDIC to sell New York Community Bancorp shares

Published 05/17/2023, 05:52 PM
© Reuters.
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New York Community Bancorp Inc (NYSE:NYCB) shares owned by the Federal Deposit Insurance Corporation (FDIC) will be sold in the coming weeks.

FDIC is selling just over 39 million shares it owns after the Signature Bank deal. NYCB clarified it won’t receive any proceeds from the offering as it is FDIC that is selling.

“The offering is expected to close on May 19, 2023, subject to customary closing conditions,” it said in the press release.

FDIC plans to sell shares by June 8, at the latest.

It was announced in March that NYCB’s Flagstar Bank of Hicksville, New York was buying $38 billion of Signature Bank assets, including $25B in cash and about $13B in loans after the bank failed.

 
 

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