New York Community Bancorp (NYB)
About New York Community Bancorp
New York Community Bank (NYSE: NYB) is the leading producer of mortgages for multi-family homes in New York City and the fourth largest thrift in the extended marketplace. With 24-hour banking online and by phone, 144 ATMs and all branches open at least six days a week, New York Community Bank does not keep "banker's hours."
"The largest regional in the New York market, the best market in the country," is how Chairman and CEO Joseph R. Ficalora describes New York Community Bancorp.
And that's as good a description as any. NYB includes New York Community Bank, a New York State-chartered savings bank with 160 offices, and New York Commercial Bank, which has 27 branches. Together, they have assets exceeding $30 billion and serve a market that includes all of New York City, Long Island and Westchester County in New York, and Essex, Hudson, Union, Ocean, Monmouth and Middlesex Counties in New Jersey.
It has been growing through acquisitions of other banks, such as its recent purchase of Synergy Financial Group, a $1 billion thrift based in Cranford, N.J. Synergy, which was purchased without paying a premium to market value, gives New York Community Bank (NYB) a stronger presence in northern New Jersey. Ficalora believes New York Community Bank (NYB) can make Synergy's balance sheet healthier and improve its deposit base.
About Cutler Capital Management
Cutler Capital Management, LLC is a growth & income manager that specializes in blending convertible securities with Real Estate Investment Trusts and dividend-paying equity securities. Our strategy generates significant income from interest and dividends, and has the potential for capital appreciation. Historically, Cutler has generated equity-like returns without the risk associated with traditional equity investments.
Cutler Capital currently manages two private investment funds to meet the differing investment goals, tolerance for risk and investment timelines of our clients. In each case, capital from like-minded investors is pooled and invested in a diversified group of convertible securities, REITs and dividend-paying bank stocks.
For performance information and other key features about Cutler's private investment funds please register here.
Private investment funds advised by Cutler Capital Management LLC are not offered or sold to the public. Funds are accessible only to investors who are considered " qualified clients" within the meaning of Rule 205-3 under the Investment Advisers Act of 1940, as amended, who receive a confidential private placement memorandum issued by the fund and who ultimately become parties to the operating agreement governing operation of the fund.
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