A New York bank is under severe pressure close to one year after absorbing a large chunk of another bank 30 miles away that had failed.

Shares of New York Community Bancorp plunged at the opening bell Friday after longtime CEO Thomas Cangemi, who has spent much of this year reassuring investors about the bank’s viability, stepped down abruptly and the bank postponed a mandatory annual financial disclosure to U.S. regulators due to “material weakness” tied to loans.

Commercial banks like New York Community Bancorp have been hammered by falling values in the commercial real estate market after the pandemic upended work in offices for millions. New York Community stands out as it also became much bigger after acquiring failed Signature Bank.