Banking on Expansion
New York Community Bancorp is expanding its community throughout the country.
The regional bank is raising its national profile, after two FDIC-assisted transactions in Ohio and Arizona. NYB acquired AmTrust Bank in Ohio in December 2009 and Desert Hills Bank in Arizona last month.
With assets of $42 billion, NYB now ranks as the 22nd largest bank holding company in the U.S. The recent transactions have also raised the bank’s profile outside of its key New York and New Jersey base to Florida, Ohio and Arizona.
FBR analyst Bob Ramsey characterized the Desert Hills deal as NYB’s first “bolt-on” FDIC transaction. In his recent report, Ramsey wrote, “while such acquisitions only add a penny or two to EPS, the pennies will add up, and each one gives NYB a denser market presence and more opportunities to cut costs.” FBR is expecting more bolt-on transactions, particularly in Florida.
New York Community Bancorp's Chairman, President & CEO Joseph Ficalora will join Maria Bartiromo in a “First on CNBC” interview after ringing the NYSE closing bell remotely from Ohio at 4:00PM ET. Join us on the Closing Bellas we hear more about the bank’s growth strategy and business model.
Liza Tan contributed to this article.
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