New York Community Bancorp (NYSE: NYCB) is not the first bank to run into financial trouble, cut its dividend, and accept a bailout. In fact, iconic Bank of America (NYSE: BAC) did each of those things during the Great Recession. But could New York Community Bancorp's future include a turnaround on the scale that Bank of America achieved?

During the Great Recession, which was a housing-led downturn, Bank of America made the ill-fated decision to buy a mortgage lender (Countrywide Financial). That move left Bank of America in a difficult position as the housing market cratered and home buyers with weaker credit profiles started to default. Bank of America reacted by cutting its dividend and taking a bailout. The stock price tanked. Since that point in time, the company has successfully returned its business to fighting form.

Once again, Bank of America is a highly respected industry leader. The stock has risen dramatically from the worst of the Great Recession. Its dividend is growing again, too, though it still remains below its pre-cut levels. Overall, investors who stepped in during the worst days have made out very well with Bank of America stock. That list, notably, includes Warren Buffett and Berkshire Hathaway, the company he heads.

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Source Fool.com