by Pam Martens and Russ Martens at Wall Street on Parade
Here’s a look at three FDIC-insured banks that have lost 69 percent, 57 percent and 40 percent, respectively, of their share price year-to-date. The decline represents the change from their share price at the close on the last trading day of 2023 (Friday, December 29) and their close yesterday, (Monday, August 12, 2024).
New York Community Bancorp (Ticker NYCB): YTD Stock Performance, Down 69.33 Percent
New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., headquartered in Hicksville, Long Island, New York with 420 branch offices in 12 states. As of March 31, 2024, Flagstar had $112.8 billion of assets, ranking it the 28th largest bank in the United States according to a listing compiled by the Federal Reserve.
For more on what’s going on at NYCB, see our report: Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share.
Adding insult to injury, effective after the market closed on July 11 of this year, the stock did a 1-for-3 reverse stock split, meaning that for every three shares of stock that you previously owned, you now owned just one…
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