NYCB says it lost 7% of deposits in the past month, slashes dividend to 1 cent

New York Community Bank said Thursday it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital.

The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the capital raise. That was down from $83 billion it had as of Feb. 5, the day before Moody’s Investors Service cut the bank’s credit ratings to junk.

NYCB also said it’s slashing its quarterly dividend for the second time this year, to 1 cent per share from 5 cents, an 80% drop. Before its disastrous fourth-quarter earnings report that sent the bank stock spiraling, NYCB paid a 17-cent dividend.

This story is developing. Please check back for updates.

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