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New York Community Bank Rebounds 10%, Down 54% This Week

moomoo News ·  Feb 9 15:32

$New York Community Bancorp (NYCB.US)$ rebounded 10% Friday, after a week of sell off that saw the stock fall 68% at the lowest. Facing analyst downgrades on the health of the firm's loan and bond book, the firm's leadership took to reassuring investors Wednesday by saying it has "ample" liquidity and that total deposits have increased in the last several weeks.

Bloomberg reported Wednesday that the Hicksville, N.Y.-based bank is reportedly seeking fresh third-party capital to finance its residential mortgages.

In a conference call with analysts, the bank's newly named executive chair, Alessandro P. DiNello, said the bank has "obviously been dealing with a very serious situation. ... But [what] I hope to do this morning is instill some confidence that this bank remains strong and will get itself back on the right track."

The bank also plans to name a new chief risk officer "very shortly," he said.

The comments came after New York Community Bancorp sustained cuts to its debt rating at Moody's and Fitch and a fresh stock downgrades from J.P. Morgan and BofA Securities.

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