New York Community Bancorp saw its shares sink to 1997 levels as Fitch cut its rating to junk after the bank disclosed “materials weaknesses,” likely the result of loans to the troubled commercial real estate market. Republic First Bancorp is also experiencing problems.
Sounds like a repeat of last spring’s bank failures.
These are not large banks, but if they were to fail, it may have a larger impact on the banking sector and confidence in the financial health of the U.S.
Published 3/1/2024. Read the full article.
