New York Community solidifies position in New York City with Astoria acquisition.
New York Community Bancorp reported a decent second quarter, and we plan to maintain our $18 fair value estimate and narrow moat rating. The bank continues to manage its balance sheet carefully to avoid becoming a systemically important financial institution before its merger with Astoria closes, with another $426 million in participation agreements during the quarter, bringing the total amount of agreements to $3.6 billion since the program was initiated in late 2014. The firm has also been let...New York Community Bancorp is a multi-bank holding company. Through its subsidiary, New York Community Bank, the company operates through eight local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio: and AmTrust Bank in Florida and Arizona. The company is also a producer of multi-family loans in New York City, with a focus on non-luxury residential apartment buildings with rent-regulated units that feature below-market rents.
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