New York Community Bank, one of New York City’s largest multifamily lenders, is set to diversify its business strategy with the acquisition of Michigan-based retail bank Flagstar Bancorp. in an all-stock merger valued at $2.6 billion, the companies said Monday.

The announcement comes just a few months after Thomas Cangemi took over as CEO at slumping NYCB and vowed to shake things up with an acquisition. Analysts had noted NYCB was suffering from a 2019 legislative change in New York that limited the amount of rent landlords could details ⇒

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