03:16 PM EST, 03/06/2024 (MT Newswires) -- New York Community Bancorp ( NYCB/PU ) said Wednesday that it has appointed Joseph Otting, former Comptroller of the Currency, as chief executive as it is adding four new directors, including former Treasury Secretary Steven Mnuchin, to its board following an investment deal in the company.

The company said Liberty Strategic Capital, Hudson Bay Capital, Reverence Capital Partners, Citadel Securities, other institutional investors and some members of its management will make a combined over $1 billion investment in the firm.

Mnuchin's Liberty is expected to invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million as part of the deal, NYCB said. The transaction is expected to close March 11.

NYCB said it will issue to the investors shares at $2.00 each and a series of convertible preferred stock with a conversion price of $2.00, for an investment amount of $1.05 billion. In addition, investors will receive 60% warrant coverage to purchase non-voting, common-equivalent stock with an exercise price of $2.50 per share.

Price: 3.36, Change: +0.14, Percent Change: +4.35