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Prospect News home > News index > List of issuers E > Headlines for Emigrant Bancorp, Inc. > News item |
Fitch upgrades Emigrant to BB
Fitch Ratings said it upgraded the issuer default ratings for Emigrant Bancorp to BB from BB-.
The outlook remains stable.
Fitch reviewed the bank as part of its Niche Bank Peer Review, which also includes Astoria Financial Corp., Inc., Dime Community Bancshares, Inc. and New York Community Bancorp, Inc.
Niche banks are defined by their narrow business models, limited deposit franchises and geographic concentrations. Fitch views these limitations as ratings constraints across the peer group. The group is composed of banks with total assets ranging from $4 billion to $49 billion that lend primarily in the New York City metropolitan residential real estate market.
Fitch said the upgrade and sable outlook reflect Emigrant’s solid capital levels, declining NPAs and stabilizing profitability. These attributes are balanced against Emigrant’s modest franchise, elevated credit loss through the cycle and relatively higher risk appetite compared to peers.
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