New York Community Bancorp (NYSE:NYCB) stock tumbled 23.3% in Wednesday afternoon trading after a media report said the is seeking a cash infusion through equity capital to help restore confidence in the struggling lender.
Shares initially halted for trading volatility after sliding 10%, only to halt again after extending losses to 14.9%. Shares were halted again at -23.3% as of 12:16 p.m. ET.
The company wants bankers to gauge whether there would be any interest among investors to buy its stock, the Wall Street Journal report, citing people familiar with the matter.
The bank has seen its stock swoon more than 70% this year amid fears over potential loan losses linked to real estate, and, more recently, weaknesses in its internal controls.
There’s no guarantee a deal will come to fruition, the article said.