US regional banks fall as New York Community Bancorp slump extends

Customers Bancorp

06/02/2024 16:27

** Shares of U.S. regional banks fall as New York Community
Bancorp  NYCB.N  slumps in morning trade
    ** KBW Regional Banking index  .KRX  down 1.1%
    ** NYCB's shares hit lowest since mid-2000, falling as much
as 16.7% in early trade and last down 12%
    ** Frenzied selloff has spilled over dragging down regional
banking stocks on renewed fears about the health of the industry
    ** Shares of Citizens Financial  CFG.N , KeyCorp  KEY.N ,
Comerica  CMA.N , Banc of California  BANC.N , Customers Bancorp
 CUBI.N , Western Alliance Bancorp  WAL.N , and Valley National
Bancorp  VLY.O  down between 1.4% and 6.1%
    ** "We are cautious on NYCB in the immediate term and there
are certainly reasons to avoid the stock" - analysts at
brokerage Stephens

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