June 10 (Reuters) - The U.S. Securities and Exchange
Commission in April had sought additional disclosures from New
York Community Bancorp ( 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.
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.