One reason for the rebranding could be its growing reputation as a risky lender. Two years ago, noted short-seller Carson Block, who goes by the name Muddy Waters, warned that the bank could stumble soon. But another reason for the rebranding could have been so it could do more risky lending with an image friendlier in the hot condo markets of Miami and New York, where the bank is doing much of its lending these days. Either way, that rebranding cost the bank about $11 million, which was just one of its problems in the quarter. What’s more, that rebranding, at least with investors, appears to be off to a rocky start.
