HICKSVILLE, NY — New York Community Bancorp has completed $1.05 billion of investments in the Company by Liberty Strategic Capital (“Liberty”), funds managed by Hudson Bay Capital Management, funds managed by Reverence Capital Partners, and other investors.
Executive Chairman, President and Chief Executive Officer, Sandro DiNello stated, “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. Our Company enters this next phase with an enhanced balance sheet and liquidity position.”
Former Treasury Secretary Steven Mnuchin, newly appointed Lead Independent Director of the Board and Founder and CEO of Liberty, stated, “We are pleased to be part of NYCB’s new chapter. We believe that this transaction has strengthened the Company’s balance sheet and liquidity position and look forward to working with management and the dedicated workforce of NYCB to deliver shareholder value.”
Mr. Berlinski, a newly appointed member of the Board and Managing Partner of Reverence Capital, added, “We are happy to be investing alongside these strong investors. We believe NYCB has a tremendous opportunity to reposition itself as a regional bank and return to growth and profitability and we look forward to working with incoming CEO Joseph Otting and the management team.”
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. Mr. DiNello, Marshall Lux, Lawrence Savarese, Peter Schoels, David Treadwell and Jennifer Whip remain members of the Board.
