NYCB Stock Tumbles as CEO Exits and Loan Woes Deepen
New York Community Bancorp's shares plummeted by nearly 23% following the sudden exit of its longtime CEO and the disclosure of "material weaknesses" related to loans, resulting in a $2.4 billion charge. The bank, a major lender to New York City apartment landlords, is unable to file its annual report with the SEC and will have to amend its fourth-quarter results. Despite concerns about its sizable commercial real estate loan portfolios, an analyst believes the bank's issues are specific to its multi-family lending and that it has the liquidity to manage through this difficult time.