(Bloomberg) -- New York Community Bancorp Inc. has a new name.
As of Monday, the Hicksville, New York-based lender that saw its shares plunge earlier this year and replaced its chief executive officer twice in the span of a week, is now trading as Flagstar Financial Inc. The company, which has swelled in size in recent years with purchases including the 2022 acquisition of Flagstar Bancorp Inc., had already operated branches under the Flagstar name. The change “unifies our company and our vision into a single brand,” the lender said.
Shares of the company, which had been one of last year’s winners as other US regional lenders struggled and collapsed, plunged in January after it reported a surprise loss tied to deteriorating credit quality and a cut to its dividend. In March, the lender received an equity investment of more than $1 billion from investors including former US Treasury Secretary Steven Mnuchin.
With the investment, the bank also appointed Joseph Otting, the former comptroller of the currency, as CEO, replacing Alessandro DiNello, who had become CEO less than a week earlier.
“Over the past six months, the board of directors and management have made remarkable progress in laying out a strong foundation for the future,” Otting said in a statement earlier this month, when the name change was announced. “Our new company name complements the re-branding of the bank and our branches we implemented earlier this year.”
The lender is now trading on the New York Stock Exchange under the symbol FLG.
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