New York Community Bancorp tries to reassure investors, but its stock falls again

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Shares of New York Community Bancorp fell another 11% Wednesday after the bank’s credit rating got downgraded to “junk” and investors worried that regional lender could suffer the same fate Silicon Valley Bank did last year. NYCB’s shares have been in a steep decline since last week, after the bank reported significant losses on some commercial real estate loans and indicated it was struggling to digest last year’s purchase of Signature Bank. Late Tuesday, Moody’s downgraded the bank’s credit rating. NYCB tried to reassure investors that it’s financially healthy, but the stock has resumed falling.