New York 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. 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. The delay draws eerie parallels to First Republic Bank, which postponed reporting its quarterly earnings shortly before it failed last year. First Republic Bank similarly needed an emergency cash infusions not long before it collapsed.

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Persons: NYCB, NYCB didn’t, Alessandro DiNello Organizations: New, New York CNN, New York Community Bank, Street Journal, ”, First Republic Bank, US Treasury Department Locations: New York