I believe this is a volatility halt initiated by the New York Stock Exchange, not a halt for news pending. Shares of the bank are getting obliterated today, down $7.10, or 44.4%, to $8.90. They closed at $16 yesterday ahead of earnings but deposit outflows were worse than anticipated and it's looking like a zombie bank.
I'm not sure if the company thought it could spin its way out of this mess and buy time but the market is saying that it needs a suitor sooner rather than later.
The company didn't take any questions from analysts in yesterday's quarterly conference call.
"We are pursuing strategic options to expedite our progress while reinforcing our capital position," the company said.
Bloomberg reports that the company is looking at up to $100 billion in asset sales and a possible equity raise.
Despite this and the risk tone, other regional banks are holding up ok with the KRE regional bank ETF down 3.9%, however it's now beginning to deteriorate and is worth watching carefully on the possibility of further extending the broad rout.