General World News

New York Community Bank to acquire Flagstar

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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