New York Community Bancorp in Hicksville is looking to ease concerns about its balance sheet and management team.
The $116.3 billion-asset company said in a press release that it has been engaged in “an orderly process” to hire a chief risk officer and chief audit executive with large bank experience.
“We currently have qualified personnel filling those positions on an interim basis,” Thomas Cangemi, the company’s president and CEO, said in the release.
The release comes after published reports found that the company’s chief risk officer had left before it reported a large fourth-quarter loss that included a big loan-loss provision. The company also slashed its dividend.
New York Community, in its latest release, noted that deposit balances have increased since Dec. 31 and that it has more than $10 billion of reciprocal deposit capacity to offer expanded deposit insurance to clients.
The company said it has a fully collateralized credit facility with available capacity from the New York Federal Reserve Bank and excess lendable value of collateral at the Federal Home Loan Bank of New York totaling $14.2 billion
“We took decisive actions to fortify our balance sheet and strengthen our risk management processes during the fourth quarter,” Cangemi said.
“Our actions are an investment in enhancing a risk management framework commensurate with the size and complexity of our bank and providing a solid foundation going forward,” he added.
Separately, the company named Sandro DiNello as its executive chairman. DiNello had been serving as non-executive chairman following New York Community’s purchase of Flagstar, where he was president and CEO.