NYCB Investor Berlinski Calls Bank’s Diversification a Long-Term Project
- Reverence invested $200 million in recent capital injection
- Berlinski says bank’s multifamily portfolio is performing well
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A reworking of New York Community Bancorp will take a long time, said Reverence Capital Partners co-founder Milton Berlinski, who joined the regional lender’s board after his firm injected $200 million into the embattled bank.
“We’re going to try to diversify and reposition the institution,” Berlinski said in a Bloomberg Television interview Tuesday, adding that he believes newly appointed Chief Executive Officer Joseph Otting can turn NYCB around. “It’s a long-term project. This is not something that you can snap your fingers and it’s going to happen overnight. But I have high confidence that Joseph will get this directionally right in the short term.”