First NBC Bank's Stock Loses Nearly All Its Value After Closure By Regulators

By Tomi Kilgore Markets MarketWatch Pulse

Shares of First NBC Bank Holding Co. plunged 91% in premarket trade Monday, after the New Orleans-based bank was closed by regulators. The company announced late Friday that the Federal Deposit Insurance Corp. was appointed as receiver for the bank. The company said it did not believe there will be any recoveries following liquidation or sale of the bank's assets. All deposit accounts have been transferred to Whitney Bank. The bank was opened in 2006, with backing from people including Peyton and Eli Manning, to help the city rebuild after Hurricane Katrina. The stock had tumbled 64% year to date through Friday, while the iShares U.S. Regional Banks ETF had lost 2.1% and the S&P 500 had gained 6.5%.

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