New York Community Bancorp, Inc. ( NYCB/PU ) shares are trading higher in the premarket session on Tuesday.

Yesterday, the company closed its much-awaited transaction, resulting in individual investments aggregating to approximately $1.05 billion in the company by Liberty Strategic Capital, funds managed by Hudson Bay Capital Management, Reverence Capital Partners, and other investors.

On March 6, the deal was announced, following which the company lost 6% in its share prices.

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“The completion of this major equity raise demonstrates the confidence these strategic investors have expressed in the turnaround currently underway at the company and allows us to execute on our strategy from a position of strength,” said Executive Chairman, President and Chief Executive Officer, Sandro DiNello. 

“Our company enters this next phase with an enhanced balance sheet and liquidity position,” DiNello added.

In connection with the transactions, the Board has been reduced to ten members, and the company has added four new directors to the Board: Secretary Steven Mnuchin, former Comptroller of the Currency Joseph Otting; Milton Berlinski, Managing Partner of Reverence Capital; and Allen Puwalski, at the recommendation of Hudson Bay. 

Check This Out: Mnuchin Sees Opportunity To Turn New York Community Bancorp Into ‘Very Attractive’ Regional Bank, Highlights Valuation Upside

DiNello, Marshall Lux, Lawrence Savarese, Peter Schoels, David Treadwell and Jennifer Whip remain members of the Board.

“The new management team and new chief risk officer are still undertaking a more thorough analysis of the loan portfolio and risk controls,” DA Davidson analyst Peter J. Winter said recently.

As a result of the transactions, New York Community Bancorp ( NYCB/PU ) will issue a total of approximately 525 million shares of common stock and the investors will own approximately 39.6% of the company on a fully diluted basis. 

In the recent past, Moody’s downgraded New York Community Bancorp’s long-term issuer rating to B3.

Moody’s said the company’s delayed reporting of financials, material weaknesses in internal controls, and transitions in leadership and board membership were the primary factors in its downgraded rating.

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Price Action: NYCB shares are trading higher by 4.31% to $3.39 premarket on the last check Tuesday.