(Reuters) -New York Community Bancorp will rename itself Flagstar Financial, the U.S. regional lender said on Tuesday, amid efforts to turn around its struggling business.
The bank came under pressure after reporting in January that pressure on its commercial real estate portfolio had increased, which also raised concerns about the health of the sector as it recovers from the failure of a slew of regional banks in 2023 .
Led by Joseph Otting, a former comptroller of the currency who was appointed CEO in March, NYCB has laid out a plan to return to profitability and pledged to shrink its balance sheet by cutting non-core assets.
The name change marks “another milestone in our ongoing transformation,” Otting said in a statement Tuesday.
NYCB will also change its stock symbol to ‘FLG’. The name change will take effect on October 25.
Flagstar Bank is a subsidiary of New York Community Bancorp and announced its $2.6 billion acquisition of Flagstar in 2021.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Sriraj Kalluvila and Alan Barona)
