NYCB delays annual shareholders meeting by two weeks

By Thomson Reuters Apr 29, 2024 | 1:12 PM

(Reuters) – New York Community Bancorp has pushed back its annual shareholders meeting by two weeks to June 5.

The bank disclosed the change in date late on Friday. It had earlier announced its 2024 AGM on May 17.

NYCB did not immediately respond to a Reuters request for comment seeking details about the delay.

The bank has been under pressure since January when it posted a surprise loss for the fourth quarter due to higher provisions tied to its exposure to the commercial real estate portfolio.

It also slashed its quarterly dividend by 70% in January to bolster capital to deal with stricter regulations for banks with more than $100 billion in assets.

NYCB’s acquisition of Flagstar Bank in 2022 and some assets of failed Signature Bank last year had pushed it above the $100-billion threshold.

In March, the troubled lender raised $1 billion from investors including former U.S. Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital and named a former Comptroller of the Currency its new CEO.

At the time, it also promised to unveil a turnaround plan aimed at reducing its commercial real estate exposure.

(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)