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Customers are pulling their cash from NYCB, but it's no bank run

·1 min

Customers of a bank in New York withdrew $6 billion in deposits between February 5 and March 5, resulting in a 7% decrease in the bank’s deposit base, which now stands at $77 billion. The bank shared this information during an investor conference call following its announcement of a $1 billion investment from Liberty Strategic Capital and other private equity companies. The bank’s CEO mentioned that there were no significant changes in deposits until the company disclosed a “material weakness” in its controls. The situation is ongoing and will be updated.