Posted 3/1/2024, 4:31:00 PM
NY Community Bancorp Shares Plunge 23% After CEO's Sudden Exit and $2.4B Loan Charge Due to Weak Oversight
- New York Community Bancorp shares plunged 23% on Friday after CEO Thomas Cangemi's sudden exit after 27 years
- The bank disclosed "material weaknesses" in its loan controls and took a $2.4 billion charge
- The bank can't file its annual report with the SEC and must amend its Q4 results due to ineffective loan review oversight
- The struggles come after the bank in January said it was stockpiling cash over loan default concerns
- One analyst believes the issues are specific to NYCB and it has enough liquidity to work through this difficult time