On Wednesday morning, shares of New York Community Bank were absolutely crashing.
Once the darling of the small banking crisis comeback, New York Community Bancorp has crashed 45% to fresh 30 year lows after The Wall Street Journal reports the bank is seeking to raise equity capital in a bid to shore up confidence in the troubled regional lender.
As January began, shares of New York Community Bank were selling for more than 10 dollars.
So why is New York Community Bank in so much trouble?
The bank has faced a crisis in recent months after the quality of its commercial real estate loans soured and ratings agencies downgraded its credit status to junk.
New York Community Bank has been able to locate rubes that are willing to inject a billion dollars into the troubled financial institution.
In the long run I do not think that New York Community Bank will survive.
https://theeconomiccollapseblog.com/has-the-banking-crisis-of-2024-already-started/
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