A recent failed-bank deal has handed the Federal Deposit Insurance Corp. an opportunity to play the stock market — something the regulator will probably do more of in the coming year.

The agency took up New York Community Bancorp Inc. on its offer of profit if the $44 billion-asset company's shares rose above $12.33 in the weeks after its purchase of the failed AmTrust Bank in Cleveland. New York Community said last week that it paid the FDIC $23.3 million for AmTrust.

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