Golden Mountain Financial Holdings Corp. (fka FNBCQ)

[56Chevy]

First NBC Bank's stock dives after disclosing 'troubled condition' designation

October 20, 2016

Shares of First NBC Bank Holding Co. FNBC, -19.34% took a 15% dive in afternoon trade Thursday, after the New Orleans-based bank disclosed in a filing that regulators deemed it to be in a "troubled condition." The stock had plunged as much as 20% intraday before paring some losses. The bank said it was informed of the "troubled condition" designation on Oct. 11, in writing by the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions. The designation means First NBC will have to seek approval before adding any new directors or senior executives or changing the responsibilities of any current senior executive, and that the bank can't make severance payments to affiliated parties without prior approval. The bank is also bound from increasing its debt, distributing interest on subordinated debt or paying dividends on its stock. The stock has now plummeted 75% year to date, while the SPDR S&P Regional Banking ETF KRE, +0.28% has gained 2.9% and the S&P 500 SPX, -0.01% has tacked on 4.7%.

Source:
http://www.marketwatch.com/story/first-nbc-banks-stock-dives-after-disclosing-troubled-condition-designation-2016-10-20?siteid=yhoof2&yptr=yahoo