NYCB stock is down over 40%, in latest sign the bank is in dire straits
CNN
Shares of New York Community Bank (NYCB) plunged more than 40% Wednesday afternoon after The Wall Street Journal reported that the beleaguered regional lender is seeking a major cash infusion.
Shares of New York Community Bank (NYCB) plunged more than 40% Wednesday afternoon after The Wall Street Journal reported that the beleaguered regional lender is seeking a major cash infusion. The report, citing people familiar with the matter, said bankers are actively trying to “gauge investors’ interest in buying stock in the company.” Around 12:30 pm ET the stock was halted from trading pending imminent news. All of this raises more questions over whether the Long Island-based bank is seeing depositors pull their funds. The bank is under immense pressure after it reported a surprise loss last quarter in part because of soured commercial real estate loans. Then last week, the bank said in a filing it had identified “material weakness” in the company’s controls. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. It delayed the release of its required annual financial disclosure, known as a 10-K, to focus on addressing the issues it identified. The bank said it now expects to file its 10-K by March 15. Unless the company provides an additional update, the 10-K will be the latest source of information on whether depositors are withdrawing their funds. The delay draws eerie parallels to First Republic Bank, which postponed reporting its quarterly earnings shortly before it failed last year.
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