• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Struggling Bank Gets Bailed Out With Help From Former Trump Admin Treasury Secretary
Business

Struggling Bank Gets Bailed Out With Help From Former Trump Admin Treasury Secretary

March 7, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Former Trump Adviser Tom Barrack Begins His Defense In His Criminal Trial
Share
Facebook Twitter LinkedIn Pinterest Email

New York Community Bancorp (NYCB) announced on Thursday that it would be getting more than $1 billion from investors to help stabilize the bank, including from a firm run by a former Trump administration Treasury secretary.

The bank will receive $450 million from Mnuchin Liberty Strategic Capital, headed by former Treasury Secretary Steven Mnuchin, as well as a $250 million and $200 million investment from Hudson Bay Capital and Reverence Capital, according to an announcement from the bank. NYCB posted a $252 million loss in the fourth quarter of 2023, sending its stock to the lowest level since 1997 and worrying investors about another potential crisis in the banking sector, according to CNN. (RELATED: ‘No Evidence’: Fed Chair Throws Cold Water On Recession Predictions)

“In evaluating this investment, we were mindful of the Bank’s credit risk profile,” Mnuchin said in the announcement. “With the over $1 billion of capital invested in the Bank, we believe we now have sufficient capital should reserves need to be increased in the future to be consistent with or above the coverage ratio of NYCB’s large bank peers.”

NYCB will also add four new directors to its board, including Mnuchin, former Comptroller of the Currency Joseph Otting, Allen Puwalski of Hudson Bay and Milton Berlinski at Reverence Capital, according to the announcement.

The infusion of cash comes just days after NYCB announced that Alessandro DiNello was taking over as president and CEO and that the current CEO, Thomas Cangemi, was stepping down. The bank also announced a slew of new members to the management team and a greater risk framework.

BREAKING: New York Community Bank stock, $NYCB, rises 20% after announcing $1 billion capital raise.

The stock is now up 125% from its low of the day seen just 2 hours ago.

Completely normal behavior for a bank with $100 billion+ in assets. pic.twitter.com/FwxoEIiSUq

— The Kobeissi Letter (@KobeissiLetter) March 6, 2024

“We welcome the approach that Liberty and its partners took in its evaluation of the Bank and look forward to incorporating their insights going forward,” DiNello said in the announcement. “The strategic investment involving former Secretary Steven Mnuchin, former Comptroller Joseph Otting and Milton Berlinski, along with the other institutional investors is a positive endorsement of the turnaround that is underway and allows us to execute on our strategy from a position of strength. We enter this next chapter with a strong balance sheet and liquidity position supported by a diversified and retail focused deposit base.”

See also  Former Federal Prosecutor Slams Trump Indictment As ‘Frankenstein’ That ‘Needs To Be Torn Apart’

The banking sector experienced a crisis in early 2023 after Silicon Valley Bank (SVB) kicked off a string of sector failures after a bank run. First Republic and Signature banks followed SVB as nervous depositors pulled their cash, with the latter being acquired by NYCB.

Investors have been increasingly worried about small and midsized banks like NYCB triggering another bank crisis due to their outsized exposure to commercial real estate loans, which developers are struggling to pay due to high interest rates and low commercial space demand.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Admin Bailed Bank secretary Struggling Treasury Trump
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

A Trilateral Gas Union: Risks and Benefits for Central Asia

March 11, 2023

Sacha Baron Cohen Announces His Return As Ali G

August 14, 2023

Texans Fans Pummel Each Other in Wild Brawl amid 0-2 Start

September 19, 2023

Police Name Gunman Who Killed 3 At Michigan State University

February 14, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

In China, Putting a Roof on a Half-finished Building Is Cause for Celebration

March 29, 2025

Fox News’ Steve Doocy Calls Out Trump: ‘Very Bad Look To Attack’ Judge’s Family

April 6, 2023

Venice Winner ‘Autobiography’ Snapped Up by Prime Video

March 14, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.