New York Community Bancorp (NYSE: NYCB), now the parent company of Flagstar Bank, has not been a good stock to own since the Great Recession, with its share price down more than 46% since May 2008. The stock is also down about 13% over the last five years, and that's after a big rally this year.

But since completing its acquisition of Flagstar Bank and, more recently, the acquisition of certain assets and liabilities from Signature Bank, which was shut down by regulators in March, NYCB's situation has changed dramatically. NYCB has quickly gone from a poor-performing stock to a screaming buy. Here's why.

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Source Fool.com