Regional lender Bank OZK plunges as Citi turns bearish over loan concerns

- Regional lender Bank OZK's shares fell to their lowest in over six months on Wednesday after analysts at Citigroup double downgraded the stock, citing"substantial concern" over two individual loans tied to the commercial real estate sector.

Citi said the San Diego property"has been rejected numerous times by sizable pharmaceutical companies" and has no known leases. The two projects together account for 3.8% of Bank OZK's non-purchased loans and are more than 8.1 times larger than its allowance for credit losses for construction loans, Citi said.The bank has sizable exposure to CRE. Real estate loans accounted for nearly 77% of its total loan book, as of March 31.

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