Mike Segar | ReutersRegional lender New York Community Bank finds itself in an apparently worsening predicament just as the anniversary of last year's banking turmoil nears.
"The disclosures add to our concern about NYCB's interest-only multi-family portfolio, which may require a long workout period unless interest rates decline."
Days later, ratings agency Moody's cut the bank's credit ratings two notches to junk on concerns over the bank's risk management capabilities after the departure of NYCB's chief risk officer and chief audit executive.
The bank's stock was briefly buoyed by a flurry of insider purchases indicating executives' confidence in the bank.
Most of those deposits were insured, and it had ample resources to tap if uninsured deposits left the bank, it said.
Persons:
Mike Segar, NYCB, Raymond James, Steve Moss, Moody's, Alessandro DiNello, DiNello, D.A, Davidson, Peter Winter
Organizations:
New York Community Bank, Reuters Regional, New, Community Bank, Silicon Valley Bank, Signature Bank
Locations:
Yonkers , New York, U.S, NYCB