First NBC Bank Co. deemed in 'troubled condition' by Fed
New Orleans-based First NBC Bank Holding Co. disclosed Thursday that it's been deemed in "troubled condition" and faces tighter restrictions from regulators as it met a deadline Thursday for filing its second-quarter earnings report.
The company's stock slid nearly 20 percent Thursday, finishing at $9.05, down $2.15. That's down almost 75 percent since December.
The Louisiana Office of Financial Institutions and the Federal Reserve Bank of Atlanta notified First NBC Bank's parent company of the "troubled" designation on Oct. 11, according to the securities filing, which covered the three-month period ending June 30.
The company operates branches in Orleans, Jefferson, Tangipahoa, St. Tammany, Livingston, Washington and Terrebonne parishes and the Florida Panhandle
Read more: http://www.theadvocate.com/new_orleans/news/business/article_aaf141a6-9706-11e6-a76b-affedd1586b5.html
