(Reuters) -New York Neighborhood Bancorp will rename itself as Flagstar Monetary, the U.S. regional lender stated on Tuesday, amid efforts to show round its struggling enterprise.
The financial institution got here underneath stress after it reported in January elevated stress in its industrial actual property portfolio that additionally rekindled issues over the well being of the sector recovering from the failures of a slew of regional banks in 2023.
Underneath Joseph Otting, a former comptroller of the foreign money who was named CEO in March, NYCB has laid out a plan to return to profitability and vowed to shrink its steadiness sheet by decreasing non-core belongings.
The identify change marks “one other milestone in our ongoing transformation”, Otting stated in a press release on Tuesday.
NYCB can even change its inventory image to “FLG.” The identify change will turn into efficient on Oct. 25.
Flagstar Financial institution is a subsidiary of New York Neighborhood Bancorp. The lender introduced its $2.6 billion acquisition of Flagstar in 2021.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Enhancing by Sriraj Kalluvila and Alan Barona)
