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New York community insiders at Bancorp are stepping in to buy up the regional bank's declining shares
New York Community Bancorp executives are betting their own money that they can turn around the regional lender's fortunes. According to securities filings compiled by Verity Data, seven insiders at the troubled bank bought shares in New York Commercial Bank this week. The purchases are worth more than $800,000 combined, according to Ferretti. That includes 50,000 shares bought by Alessandro Dinello, who was promoted to executive chairman of New York Commercial Bank on Wednesday morning, shortly after Moody's Investors Service downgraded the bank's credit rating. The largest purchase came from director Peter Scholes, who received 100,000 shares. Aside from serving on the board of New York Mercantile Bank, Schulz has experience handling distressed debt as part of the investment firm MaltinPatterson. Shares of New York Commercial Bank have fallen more than 50% since Jan. 30, when the bank took a larger-than-expected charge for expected loan losses and cut its dividend. The bank said those charges were due in large part to increased regulatory requirements stemming from its acquisition of failed Signature Bank, but the outlook for commercial real estate loans also appears to have played a role. NYCB 1M Mountain NYCB shares have been halved since late January. The commercial real estate angle has been particularly worrying for investors and Wall Street analysts, who fear that other regional banks could face similar problems. Stock purchases by insiders may help restore market confidence in New York Commercial Bank. Many professional investors monitor insider buying for signs that management believes the company is undervalued. NYCB shares rose 16% in Friday afternoon trading.
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