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NYCB delays annual shareholders meeting by two weeks
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NYCB delays annual shareholders meeting by two weeks
Apr 29, 2024 4:27 AM

April 29 (Reuters) - New York Community Bancorp ( NYCB )

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)

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