From Yahoo Finance:

NYCB, once seen as a success story for its robust lending to NYC landlords, is now facing serious financial trouble with major weaknesses in risk monitoring. The unexpected $552 million loss earlier this year has resulted in a 73% drop in shares and a credit downgrade to junk status. Regulatory pressure has led to additional reserve bolstering, with worries that new CEO Sandro DiNello may set aside more funds for souring loans. The landscape is turbulent for banks facing high interest rates and commercial real estate uncertainty, driving the need for mergers to transition to tech-driven services.



Read more at Yahoo Finance: NYCB Ballooned Despite Real Estate Warnings in Years Before Fall