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First NBC tumbles after warning from Fed

Oct. 20, 2016 2:49 PM ETFirst NBC Bank Holding Company (FNBCQ) StockFNBCQBy: Stephen Alpher, SA News Editor
  • Disclosed in the New Orleans-based lender's previously delayed 10-Q is that the Federal Reserve has determined First NBC (OTC:FNBC -14.3%) to be in "troubled condition," and that such a designation could restrict the bank's ability to take on debt.
  • It's the latest trouble for FNBC, which grew rapidly by investing in New Orleans, post-Katrina. The FDIC previously said the bank was no longer "well capitalized," which restricted its ability to take on certain deposits and pay interest.
  • FNBC peaked around $43 per share late last year, and currently trades for $9.45.

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First NBC Bank Holding Company