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Hicksville, New York – new york community bancorp , Inc. (NYSE: NYSE:), the parent company of Flagstar Bank of NA, announced the completion of a major equity investment totaling approximately $1.05 billion. The investment comes from a strategic investor group that includes Liberty Strategic Capital, funds managed by Hudson (NYSE:) Bay Capital Management, funds managed by Reverence Capital Partners, and other investors. . This capital injection is expected to strengthen NYCB’s balance sheet and liquidity position.
The company has appointed four new members to its board of directors: former Treasury Secretary Steven Mnuchin, former Comptroller of the Currency Joseph Otting, Milton Berlinski of Reverence Capital, and Allen Puwalski recommended by Hudson Bay. did. The Board of Directors currently consists of 10 members. These appointments will be made following the completion of the investment transaction.
The financing includes the creation and issuance of new equity securities, including two new series of preferred stock (Series B and Series C) and a new series of preferred stock (Series D) issuable upon the exercise of certain warrants. It was included. The transaction also requires stockholder approval to increase the number of authorized common shares to comply with NYSE rules.
Joseph Otting, NYCB’s incoming CEO, has received an employment incentive award consisting of an option to acquire 15,000,000 shares of the company’s common stock on March 6, 2024.
With assets of $113.9 billion as of December 31, 2023, NYCB has 420 branches and operates Flagstar Bank, a key player in multifamily lending, mortgage origination and repayment, and warehouse lending. There is. The company is preparing to submit several proposed amendments to its articles of association to shareholders for approval.
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