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US SEC sought additional disclosures in NYCB's proxy statement, filings show

Published 06/10/2024, 03:07 PM
Updated 06/10/2024, 03:11 PM
© Reuters. FILE PHOTO: The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021.  REUTERS/Andrew Kelly/File Photo

(Reuters) - The U.S. Securities and Exchange Commission in April had sought additional disclosures from New York Community Bancorp (NYSE:NYCB) in its preliminary proxy statement, regulatory filings made by the regional lender showed on Monday.

The regulator requested NYCB to revise its proxy filing to briefly discuss the reasons for its recent capital-raise including its initiative to continue reducing its exposure to the beleaguered commercial real estate (CRE) sector.

In March, the bank had raised $1.05 billion from a consortium of investors, which included former U.S. Treasury Secretary Steven Mnuchin.

The SEC sought revised disclosures on eight different matters in the proxy filing. NYCB in response filed a revised preliminary proxy statement in late-April.

The regulator had asked the bank to expand and clarify how its board administered the risk oversight function and to update the progress of its review of material weakness surrounding its loan review process in its proxy filing.

The SEC completed the review of NYCB's proxy filing statement in late-April.

© Reuters. FILE PHOTO: The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021.  REUTERS/Andrew Kelly/File Photo

NYCB has been under immense pressure since January when it slashed its dividend and reported a surprise quarterly loss due to its exposure to the CRE sector.

Shares of the lender have lost more than two-thirds of their value since it reported its first-quarter results in January.

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