Last Wednesday was a big day for County Bank.
First, the bank unveiled a new ad campaign with the tagline “Times are tough.”
Indeed times are tough…especially for the bank. Later that day, County Bank posted its first-ever loss — $4 million. That caused their share price to drop 64%, which was the biggest loss of any U.S. stock that day.
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Bank spokesman Thomas Smith says no, the campaign and the bank’s losses are unrelated. He said the campaign addresses people’s overall fears about a national recession, and is not connected with the bank’s condition.
Nevertheless, the ad campaign seems to be a reflection of the bank’s overall financial melancholy — whether it is intended or not. A year ago, County Bank’s stock traded at $26.55. By the end of last Wednesday, it was at $3.76.
You can hear the heavy sighs coming from County Bank’s HQ, starting with the soon-to-be-ex-CEO.
Reality Check: Times may be tough, but everyone knows it. Who needs another reminder?