New York Community Bank Plunges 30%, CEO Exits, Losses Hit $2.7 Billion!

I keep warning you: the Banking Crisis is NOT over.

We saw six banks go under last year in 2023 and many people thought that was the end.

My opinion is it was only the prelude…the warm up act.

We’ve reported on New York Community Bank a few weeks ago, but things just went from bad to worse.

The stock just plunged another 30%, their CEO is gone, and losses were revised UP from $252 million to $2.7 billion.

Remember how I told you just yesterday that they always “revise” the data after the fact?  They just did it again.

Here’s the latest:

BREAKING‼️New York Community Bank, $NYCB, falls ~20% after disclosing "material weakness of internal controls"

This is the bank that acquired the collapsed Signature Bank.

Bank Crisis II on the way… 👀 pic.twitter.com/BbFTGqQoqv

— Radar🚨 (@RadarHits) March 1, 2024

🫡NYCB crashes again. Just like NYCB, think of all the banks with toxic assets. It's all coming down. Welcome to march.

"The turmoil surrounding New York Community Bancorp (NYCB) is intensifying again after it disclosed the exit of CEO Thomas Cangemi, weaknesses in its internal… pic.twitter.com/xddiYqJEga

— Israel (@_AlphaAnon) March 1, 2024

Will it go to $0 or get bought out?

That is one UGLY chart:

JUST IN: New York Community Bank $NYCB crashes 20% in after hours trading citing "material weakness in internal controls."

Another one bites the dust pic.twitter.com/dSw1UPbiru

— Bitcoin Magazine (@BitcoinMagazine) February 29, 2024

The NY Post reports the crash is closer to 30% than 20%:

New York Community Bancorp sent its shares plummeting as much as 28% in premarket trading Friday after the regional lender said has discovered “material weaknesses” in the ways it tracks loan risks and that its CEO is leaving.

The New York-based firm announced late Thursday that CEO Thomas Cangemi would be leaving NYCB — capping off a 27-year tenure at NYCB — and that Alessandro DiNello would take his place, effective immediately.

DiNello, NYCB’s executive chairman, had been acting as the bank’s true boss since earlier this month, according to Yahoo Finance. In the weeks leading up to his departure, Cangemi had been reporting to DiNello, even changing its bylaws to make it happen.

New York Community Bancorp amended its fourth-quarter losses to $2.7 billion on Thursday when it separately announced a CEO change. The moves sent shares falling as much as 28% in premarket trading Friday.

One NYCB director, Hanif “Wally” Dahya, said in a Feb. 25 letter that he “did not support the proposed appointment” of DiNello as CEO without saying why, according to Yahoo.

Dahya, who had been presiding director, also resigned from the board on Thursday.

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He was replaced by Marshall Lux, who initially joined NYCB’s board in early 2022, works as a senior partner at Boston Consulting Group, and previously served as global chief risk officer for Chase Consumer Bank at JP Morgan from 2007 to 2009, according to a press release on the leadership changes.

Separately on Thursday, the bank — among the top 30 in the US — amended its fourth-quarter losses from $252 million to $2.7 billion and divulged “internal control issues.”

“As part of management’s assessment of the Company’s internal controls, management identified material weaknesses in the Company’s internal controls related to internal loan review, resulting from ineffective oversight, risk assessment, and monitoring activities,” the company said in a filing with the Securities and Exchange Commission.

Now watch this as Bloomberg tells you exactly what I’ve been saying all along.  This is NOT an isolated issue and it’s about to get much worse.

Here is Guggenheim Securities Co-Chairman Jim Millstein says that the bank failures we’ve see are from idiosyncratic issues:

With shares of NYCB falling, Guggenheim Securities Co-Chairman Jim Millstein says that the bank failures we’ve see are from idiosyncratic issues https://t.co/larVpxp7na pic.twitter.com/DdsR0rfMaX

— Bloomberg TV (@BloombergTV) March 1, 2024

Now I want to address something I hear people say sometimes on this topic…

Oh, it’s just a small regional bank, no big deal!

Not true!

In fact, this is a TOP 30 U.S. Bank.

Take a look at this:

BREAKING: The “BRICS” Just Doubled Overnight

FACT-CHECK: New York Community Bank (NYCB) Is a Top 30 U.S. Bank!

We've been actively reporting on the crash of New York Community Bank, which has plunged roughly 60% over the past week and it looks on track to either be merged, taken over, or outright fail.

Earlier today Moody's downgraded them to "Junk Status" and you don't need to be a financial expert to understand that's not good!

But I wanted to comment on something to put this into what I feel is the right perspective.

I've seen some people try to write this off as just one small bank failing and not a big deal.  Even as 5 U.S. banks failed last year and now we already have one teetering on the edge in 2024, it's easy to say it's no big deal because it's just some small, regional bank that no one has heard of.

Except....that's not really true.

NYCB is actually the 29th largest bank in the USA:

When I first heard that it really shocked me.

Here's more....

Of the  five banks that failed it 2023, three were LARGER than New York Community Bank:

• Silicon Valley Bank (SVB): SVB was the 16th largest bank in the USA at the time of its failure, with $209 billion in assets. This placed it just outside of the top 15 banks in the country.
• Signature Bank: Signature Bank was the 29th largest bank in the USA at the time of its failure, with $110 billion in assets. It was one of the larger banks to fail in 2023, and its failure had a significant impact on the banking sector.
• First Republic Bank: First Republic Bank was the 14th largest bank in the USA at the time of its failure, with $229 billion in assets. This placed it in the upper half of the top 30 banks in the country, making its failure particularly noteworthy.
• Heartland Tri-State Bank: Heartland Tri-State Bank was not among the top 30 banks in the USA at the time of its failure. However, its failure still contributed to the overall increase in bank failures in 2023.
• Bank of the West: Bank of the West was not among the top 30 banks in the USA at the time of its failure. Like Heartland Tri-State Bank, its failure added to the growing number of bank failures in 2023.

So if you think this is just some isolated incident of some small bank that was ran poorly or mismanaged, I would push back on that and say this looks much larger, and much more systemic than that.

And that's scary.

So....what can YOU do about it?

I've been telling you for a while now, and perhaps this is the "sign" you need to finally take action!

First, you need to watch what the big boys are doing and understand it's smart to ride their coattails.

And what are the big boys doing?

Stockpiling as much Gold as they can get their grubby hands on:

BREAKING: The “BRICS” Just Doubled Overnight

Now, here's my preferred solution for owning gold....

Why preferred?

A couple reasons....

I'm not a CPA or tax advisor or even an investment advisor of any kind, but the folks I'm about to tell you about are experts at this.

They're patriots...

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How's that for a win-win-win?

So what can you do?

THIS!  👇

Here's Why Central Banks Are Buying All the Gold They Can -- And What YOU Can Do!

For the last two years, central banks across the globe have been buying up as much gold (and often silver) as they can acquire without raising alarm bells. Now, we see why.

The recent bank runs and ongoing collapse of the U.S. banking system was anticipated by the "elites" and the central bankers who run things behind the scenes. They saw it coming and knew the best way to protect their assets was through physical precious metals.

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Don't wait too long, we might have more bank failures right around the corner.

You know what has NEVER "failed"?

Gold.  Precious metals.  Indestructible.

There's a reason they call it "God's money".

Watch this for more:

Or....I guess you could buy Gold at Costco?

If you can find any?

Oh, and you'll pay a huge markup and you'll be limited to two bars.

A “Gold Rush” Hits Costco With Demand For Gold Bars – Here’s One Way To Own Gold if Your Money Is In a Retirement Account

The demand for physical precious metals has been rising since before the pandemic.  Central banks have been buying ton after ton for two years. Even some U.S. states -- like Tennessee -- are filling their coffers with physical precious metals.

Now, Costco is offering gold bars to their members -- and some observers are saying there is a "gold rush" on Costco's gold:

Mike Cernovich reported: "People buying them but bars sold out fast. One disappointed customer had paid but the membership pick-up said it was out."

Others had no idea Costco sold gold:

Buying gold at Costco is great for those who have extra cash on hand -- but what about those of us with money tied up in retirement accounts?

Can we rollover or transfer retirement accounts into physical precious metals and keep it tax-deferred?

Genesis Gold Group says "Yes!"

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(Note: Thank you for supporting American businesses like the one presenting a sponsored message in this article and working with them through the links in this article which benefit WLTReport. We appreciate your support and the opportunity to tell you about Genesis Gold!  The information provided by WLTReport or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.)