The Bank Slate


New York Community follows through with reverse stock split

New York Community Bancorp in Hicksville is planning a reverse stock split.

The $113 billion-asset company said in a press release that the one-for-three reverse stock split should take place on July 11.

The number of authorized shares of the company’s common stock will decrease from 2 billion shares to about 666.7 million shares. Shareholders who would be left with fractional shares will be entitled to a cash payment in lieu of the fractional shares.

Shareholders approved the move at the company’s June 5 annual meeting.

“The reverse stock split represents another milestone in our efforts to enhance shareholder value and the journey of building a strong, well-diversified regional bank,” Joseph Otting, the company’s chairman, president and CEO, said in the release.

“We were pleased with the overwhelming shareholder support for the reverse stock split and the other proposals approved at the annual shareholder meeting,” he added.

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