A New York bank with $113.9 billion in assets is reportedly in trying to raise cash as its stock nosedives 40% in a matter of hours.
New York Community Bank’s (NYCB) stock fell so far so fast that trading was halted “pending imminent news,” according to multiple reports.
The Wall Street Journal says the bank is now looking to “gauge investors” and see if anyone is interested in buying equity in the company.
Last week, NYCB shocked investors by revealing a $2.4 billion loss, stating it had found “material weakness” in its risk management practices.
The company announced an upper management shuffle and the replacement of its CEO.
The lender is struggling under the weight of its extensive commercial real estate exposure and its acquisition of a significant portion of Signature Bank, which collapsed in March of last year.
NYCB’s stock had already fallen over 50% in the last two months – then it fell 23% on Monday, reaching its lowest level since 1996.
That was all before today’s 40% plunge.
Its woes have renewed concerns about the health of the banking industry as a whole and regional banks in particular, which are facing pressure from the Federal Reserve’s sustained interest rate hikes.
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