NYCB discloses two departures from board of directors in March

By Thomson Reuters Mar 20, 2024 | 5:01 PM

(Reuters) – Two New York Community Bancorp directors, Lawrence Savarese and David Treadwell, resigned from the board in March, the embattled lender said in a filing on Wednesday.

Savarese chaired the audit committee and resigned on March 14, while Treadwell chaired the risk assessment committee and stepped down on March 19.

The resignations were not due to any disagreement with NYCB or its management, operations, policies or practices, NYCB said in the filing.

The lender also appointed Alan Frank to the board on Tuesday to serve as a member and chair of the audit committee.

Frank had previously worked in Deloitte & Touche LLP for four decades and has significant experience in mergers and acquisitions, financial reporting matters and initial public offerings, according to the filing.

The boardroom reshuffle is the latest in a string of executive changes that began since NYCB came under pressure when it reported a surprise loss and slashed its dividend in January.

Earlier this month, the bank named a former Comptroller of the Currency Joseph Otting as its CEO – the third to take over since the crisis began, following the resignation of Thomas Cangemi and the brief tenure of Alessandro DiNello.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Alan Barona)