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New York Community Bancorp CEO Joseph Ficalora on Wednesday said he has considered and decided against a wide range of possible acquisitions, but still hopes to find a big deal, according to a trade publication. American Banker on Wednesday reported that the New York Community Bancorp CEO and several other bank executives at the Barclays Americas Select Franchise Conference on May 16 in London said they're looking for acquisitions.
A few months ago, New York Community Bancorp honored one of its workers for 25 years of service. On Thursday, the worker, who asked not to be identified, was laid off as part of a mass firing at bank branches. Westbury-based New York Community Bancorp has laid off dozens, and possibly more than 100 workers, including some with decades of experience.
Days after announcing layoffs across its branch network, Westbury- based New York Community Bancorp reported third quarter earnings fell to $119.8 million from $135.6 million a year ago. But despite a drop compared to its prior third quarter, the bank's earnings still rose slightly from $119.5 million at the end of the second quarter.
The voice of the electorate is particularly strong in one western New York legislative district lately, thanks to Steuben Trust Co. Twelve of the Hornell-based community bank's 13 branches are within Rep Eric Massa's district. Customers signed more than 2,500 letters protesting the proposed Consumer Financial Protection Agency (CFPA). The bank mailed them individually to the congressman. Massa, a Democrat, replied that he agreed that any legislation should shield community banks and their customers. Steuben Trust's customers also made a video testimonial on the CFPA.
New York Community Bank bills itself as "The Family of Banks. It treated its employees like anything but family this past week, laying off what may be hundreds across the country with little explanation.
When he arrived in Ohio in April, Joseph Ficalora had no intention of presiding over a funeral. Ficalora, CEO of Westbury-based New York Community Bank, was there to take over AmTrust, an insolvent bank hemorrhaging customers.
Profits at Westbury-based mega-thrift New York Community Bank significantly increased over the fourth quarter of 2010, though their balance sheet shrunk. For the three months ended Dec. 31, 2010, NYCB reported profits of $149.8 million, and profits for the entire year of $541 million, according to a release from the bank.
New York Community Bank is branching out from the only market it's ever known with an acquisition that throws the bank into operations in Ohio, Florida and Arizona. But analysts wonder if Westbury-based NYCB, which until now has served only the New York-New Jersey metropolitan area, can sustain business so far from home.
Westbury-based New York Community Bank will have its own mortgage banking subsidiary headquartered in Cleveland as of Jan. 3, the company stated. NYCB is rebranding what was once a part of AmTrust Bank - which NYCB purchased in 2009 in an Federal Deposit Insurance Corp.- assisted acquisition - in the move, according to NYCB spokeswoman Ilene Angarola.
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