New York CNN —Shares of New York Community Bank (NYCB) fell by as much as 20% in after-hours trading on Thursday after the beleaguered regional lender 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.
The bank also announced that Alessandro DiNello, its recently appointed executive chairman, will be the new president and CEO, effective immediately.
In the same filing, NYCB disclosed Hanif (Wally) Dahya resigned from serving as director of the board.
In his February 25 resignation letter, he said he “did not support the proposed appointment” of DiNello to president and CEO.
Persons:
NYCB, Alessandro DiNello, Thomas Cangemi, Hanif, Wally, Dahya, “, DiNello, Marshall Lux, Chase
Organizations:
New, New York CNN, New York Community Bank, Silicon Valley Bank, Signature Bank, First Republic Bank, Securities and Exchange Commission
Locations:
New York, Silicon