New York Community’s Record Jump Leads Regional Banks Higher

NYCB shares surge by 32% on deal for Signature Bank deposits
The KBW Regional Banking Index rises by 1.5% on Monday

WATCH: Confidence will return to First Republic, according to RBC Capital Markets.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Bre Bradham and Kit Rees

March 20, 2023 at 9:27 AM UTC

Updated on

March 20, 2023 at 8:23 PM UTC

This article is for subscribers only.

New York Community Bancorp Inc. surged by a record Monday, leading a rally in regional bank stocks, after the lender was upgraded by at least two analysts following its agreement to take over Signature Bank’s deposits and some of its loans.

Shares of the Hicksville, New York-based bank jumped 32% for its biggest gain ever. The move made it the best performing member of the KBW Regional Banking Index, which rallied 1.5% on Monday. Meanwhile, First Republic Bank extended its rout to close at an all-time low.