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.
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?