US regional banks fall after NYCB's 'material weakness' disclosure

Customers Bancorp

01/03/2024 15:04

** Shares of U.S. regional banks slide after New York
Community Bancorp  NYCB.N  disclosed "material weaknesses" in
internal controls related to its loan review
    ** The warning rekindled investor worries over the health of
the regional lenders and comes just as the sector was recovering
from a pounding following NYCB's quarterly loss due to its
commercial real estate (CRE) exposure
    ** Customers Bancorp  CUBI.N , Valley National Bancorp
 VLY.O , Western Alliance Bancorp  WAL.N , Zions Bancorporation
 ZION.O , Comerica  CMA.N , M&T Bank  MTB.N , Banc of California
 BANC.N , Huntington Bancshares  HBAN.O , and Citizens Financial
Group  CFG.N  down between 2% and 4%
    ** Regions Financial  RF.N , Fifth Third Bancorp  FITB.O ,
KeyCorp  KEY.N , and US Bancorp  USB.N  fall between 1.6% and
1.9%
    ** KBW Regional Banking Index  .KRX  down 1.4%

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))