HICKSVILLE, N.Y., Feb. 29,
2024 /PRNewswire/ -- New York Community Bancorp, Inc.
(NYSE: NYCB) ("NYCB" or the "Company") today announced the
appointment of Alessandro (Sandro)
DiNello, Executive Chairman of the Board, as President and
Chief Executive Officer, effective immediately. Mr. DiNello
succeeds Thomas R. Cangemi, who has
stepped down as President and Chief Executive Officer after 27
years with the Company. Mr. Cangemi remains on the Board.
In addition, Marshall Lux, a
financial services industry leader who has served as an independent
director since 2022, has been named Presiding Director of the
Board, effective immediately, following Hanif "Wally" Dahya
stepping down as the Board's Presiding Director and as a director.
Mr. Lux has also been named Chair of the Board's Nominating and
Corporate Governance Committee.
Mr. DiNello was appointed Executive Chairman of NYCB's Board of
Directors on February 6, 2024. Prior
to this, Mr. DiNello served as non-executive Chairman of the Board
after joining the Company following completion of the Flagstar Bank
acquisition in December 2022. Before
the acquisition, Mr. DiNello served as President and CEO of
Flagstar, and under his leadership, the company consistently
delivered solid results, underpinned by careful, thoughtful growth
and industry-leading risk management. He began his career at
Flagstar in 1979 and brings his more than four decades of industry,
operational and leadership expertise to his new role at the helm of
NYCB.
"It is my mandate as President and CEO, alongside our Board, to
continue our transformation into a larger, more diversified
commercial bank," said Mr. DiNello. "While we've faced recent
challenges, we are confident in the direction of our bank and our
ability to deliver for our customers, employees and shareholders in
the long-term. The changes we're making to our Board and leadership
team are reflective of a new chapter that is underway."
About Marshall Lux
Marshall Lux joined NYCB's Board
in February 2022. Mr. Lux was most
recently a Senior Partner at Boston Consulting Group, where he
advised financial services companies. Prior to that, from 2007 to
2009 he was Global Chief Risk Officer for Chase Consumer Bank at JP
Morgan. He is a prominent and highly-regarded financial services
industry professional whose career spans nearly four decades and
crosses a broad variety of financial industry subsectors, including
consumer finance, commercial banks, insurance companies,
broker/dealers, wealth and asset management firms, card companies,
private equity, and FinTechs.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of
Flagstar Bank, N.A., one of the largest regional banks in the
country. The Company is headquartered in Hicksville, New York. At December 31,
2023, the Company had $116.3 billion
of assets, $85.8 billion of loans,
deposits of $81.4 billion, and
total stockholders' equity of $10.8 billion.
Flagstar Bank, N.A. operates 420 branches, including strong
footholds in the Northeast and Midwest and exposure to high growth
markets in the Southeast and West Coast. Flagstar Mortgage operates
nationally through a wholesale network of approximately 3,000
third-party mortgage originators. In addition, the Bank has 134
private banking teams located in over ten cities in the
metropolitan New York City region
and on the West Coast, which serve the needs of high-net worth
individuals and their businesses.
New York Community Bancorp, Inc. has market-leading positions in
several national businesses, including multi-family lending,
mortgage origination and servicing, and warehouse lending. The
Company is the second largest multi-family portfolio lender in the
country and the leading multi-family portfolio lender in the
New York City market area, where
it specializes in rent-regulated, non-luxury apartment buildings.
Flagstar Mortgage is the seventh largest bank originator of
residential mortgages for the 12-months ending December 31,
2023, while we are the industry's fifth largest sub-servicer of
mortgage loans nationwide, servicing 1.4 million accounts with
$382 billion in unpaid principal balances. Additionally, the
Company is the second largest mortgage warehouse lender nationally
based on total commitments.
Forward Looking Statements
This press release may include forward‐looking statements by the
Company pertaining to such matters as our goals, intentions, and
expectations regarding revenues, earnings, loan production, asset
quality, capital levels, and acquisitions, among other matters; our
estimates of future costs and benefits of the actions we may take;
our assessments of probable losses on loans; our assessments of
interest rate and other market risks; and our ability to achieve
our financial and other strategic goals, including those related to
our merger with Flagstar Bancorp, Inc., which was completed on
December 1, 2022, the Signature
Transaction, and our transition to a $100
billion plus bank.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "should," and other similar
words and expressions, and are subject to numerous assumptions,
risks, and uncertainties, which change over time. Additionally,
forward‐looking statements speak only as of the date they are made;
the Company does not assume any duty, and does not undertake, to
update our forward‐looking statements. Furthermore, because
forward‐looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those anticipated in our statements, and
our future performance could differ materially from our historical
results.
Our forward‐looking statements are subject to the following
principal risks and uncertainties: general economic conditions and
trends, either nationally or locally; conditions in the securities
markets; changes in interest rates; changes in deposit flows, and
in the demand for deposit, loan, and investment products and other
financial services; changes in real estate values; changes in the
quality or composition of our loan or investment portfolios;
changes in future allowance for credit losses requirements under
relevant accounting and regulatory requirements; the ability to pay
future dividends at currently expected rates; changes in our
capital management and balance sheet strategies and our ability to
successfully implement such strategies; changes in competitive
pressures among financial institutions or from non‐financial
institutions; changes in legislation, regulations, and policies;
the success of our blockchain and fintech activities, investments
and strategic partnerships; the restructuring of our mortgage
business; the impact of failures or disruptions in or breaches of
the Company's operational or security systems, data or
infrastructure, or those of third parties, including as a result of
cyberattacks or campaigns; the impact of natural disasters, extreme
weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our merger with
Flagstar Bancorp, which was completed on December 1, 2022, and the Signature Transaction:
the possibility that the anticipated benefits of the transactions
will not be realized when expected or at all; the possibility of
increased legal and compliance costs, including with respect to any
litigation or regulatory actions related to the business practices
of acquired companies or the combined business; diversion of
management's attention from ongoing business operations and
opportunities; the possibility that the Company may be unable to
achieve expected synergies and operating efficiencies in or as a
result of the transactions within the expected timeframes or at
all; and revenues following the transactions may be lower than
expected. Additionally, there can be no assurance that the
Community Benefits Agreement entered into with NCRC, which was
contingent upon the closing of the Company's merger with Flagstar
Bancorp, Inc., will achieve the results or outcome originally
expected or anticipated by us as a result of changes to our
business strategy, performance of the U.S. economy, or changes to
the laws and regulations affecting us, our customers, communities
we serve, and the U.S. economy (including, but not limited to, tax
laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K for the
year ended December 31, 2022,
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30,
2023, and September 30, 2023
and in other SEC reports we file. Our forward‐looking statements
may also be subject to other risks and uncertainties, including
those we may discuss in this Amendment, during investor
presentations, or in our other SEC filings, which are accessible on
our website and at the SEC's website, www.sec.gov.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Nicole Yelland
(248) 312-5872
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SOURCE New York Community Bancorp, Inc.