NYCB Closes Deal With Mnuchin-Led Investors for Capital Infusion
- He will be lead independent director following transaction
- Deal ‘strengthened the company’s balance sheet,’ Mnuchin says
The New York Community Bank headquarters in Hicksville, New York.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
New York Community Bancorp Inc. completed a deal to raise more than $1 billion of capital through an equity investment by backers led by former US Treasury Secretary Steven Mnuchin.
The troubled commercial real estate lender, which announced the agreement last week, said in a statement late Monday that the transaction has closed and that Mnuchin was appointed lead independent director. The investment was anchored by his Liberty Strategic Capital, as well as Hudson Bay Capital and Reverence Capital Partners.