Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 8:17 AM
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Slide #233. New York Community Bancorp, Inc. — Preferred Stock Offering
New York Community Bancorp, Inc. (NYSE:NYCB)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
New York Community Bancorp, Inc. (NYSE:NYCB) (the "Company"), the parent company for New York Community Bank and New York Commercial Bank, today announced the pricing of its underwritten public offering of 20,000,000 depositary shares, each representing a 1/40th interest in a share of its Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share). The Company expects to use the net proceeds from the offering for general corporate purposes and expects to contribute a substantial portion of the net proceeds to New York Community Bank and New York Commercial Bank. The Company intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "NYCB PrA." The offering is expected to close on March 17, 2017, subject to customary closing conditions. The company has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 depository shares from the company.
New York Community Bancorp is a multi-bank holding company. Through its subsidiary, New York Community Bank, Co. operates through eight local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio: and AmTrust Bank in Florida and Arizona. Co. is also a producer of multi-family loans in New York City, with a focus on non-luxury residential apartment buildings with rent-regulated units that feature below-market rents.
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Buy (2.80 out of 4)
(ranked lower than approx. 88% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com