March 11 (Reuters) - New York Community Bancorp ( NYCB )

said on Monday it had closed the $1 billion capital infusion

deal that was agreed last week with an investor group and plans

to submit one-for-three reverse stock split of its common stock

to shareholders.

Joseph Otting, former Comptroller of the Currency in the

Donald Trump administration, was named NYCB's chief executive

last week as part of a $1 billion capital injection from a group

of investors that included former U.S. Treasury Secretary Steven

Mnuchin.

The bank said on Monday it had added CEO Otting, Mnuchin,

Milton Berlinski and Allen Puwalski as the new directors of the

board, while reducing the board strength to 10 members.

Shares of NYCB are up 5.8% at $3.44 in extended trade.

The lender said last week that it was seeing interest from

non-bank bidders for some of its loans, and will outline a new

business plan in April after the bank had slashed its dividend

again and disclosed deposits fell 7%.

A surprise quarterly loss and a 70% reduction of its

dividend in January hammered NYCB's stock, which came under

pressure again in late February after it said it had found

"material weakness" in internal controls and revised its loss to

10 times higher than earlier due to a goodwill impairment

charge.

Investment firms Hudson Bay Capital, Reverence Capital

Partners, Citadel Global Equities, some institutional investors

and certain members of NYCB's management last week had agreed to

participate in the equity investment.

Developments related to the capital infusion came nearly

a year after the failures of Silicon Valley Bank and Signature

Bank, which precipitated the regional banking crisis in the

United States and undermined market confidence in some regional

lenders.

Earlier this month, NYCB disclosed it had total deposits

of $77.2 billion, as of March 5, lower than $83 billion in early

February. About 19.8% of the deposits were uninsured. The bank

also reduced its quarterly dividend to 1 cent per share, lower

than the 5 cents announced in January.

Though the turmoil led to deposit outflows, NYCB has the

lowest concentration of uninsured deposits and previously

disclosed it has enough liquidity to offer its customers

expanded deposit insurance.

Several Wall Street analysts have flagged concerns that

the lender's turnaround will likely take a long time as profits

remain under pressure from its efforts to boost reserves for

potential bad loans in its commercial real estate portfolio.