Magazine article American Banker

N.Y. Community, Its Stock Sliding, Names New CFO

Magazine article American Banker

N.Y. Community, Its Stock Sliding, Names New CFO

Article excerpt

New York Community Bancorp Inc. on Wednesday named Thomas R. Cangemi to succeed Michael P. Puorro as chief financial officer.

The Westbury company said Mr. Puorro left this week. Mr. Cangemi had been the head of the capital markets unit.

John J. Pinto, a first senior vice president in the capital markets group, was named chief accounting officer. All the changes took effect Tuesday.

Shares of the Long Island company have fallen 40% in the past 12 months. Deposit growth has been lacking, and investors, worried about perceived risk on the balance sheet, have sold shares.

In last year's second quarter the $24 billion-asset company restructured its balance sheet. Moody's Investors Service Inc. said in February that it was reviewing New York Community for a possible ratings downgrade.

It "may still be exposed to substantial interest rate risk," Moody's said.

Joseph R. Ficalora, New York Community's chief executive officer, said in a telephone interview Wednesday that the Moody's review "has nothing to do with" the CFO change. "This is merely operational. It has nothing to do with the strategies of the company."

He said that Mr. Puorro, 46, plans to marry in June and that he left for personal reasons.

Mr. Cangemi, 36, had headed the capital markets group since October 2003. He joined New York Community in 2001 with its merger of equals with Richmond County Financial Group; he had been an executive vice president at Richmond as well as chief financial officer and treasurer. …

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