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new york community bancorp (NYCB) announced a $1 billion equity investment and several management changes.
The new investment comes from multiple sources, the financier announced on Wednesday (March 6). press release.
Liberty Strategic Capital An expected investment of $450 million is hudson bay capital Invested $250 million, Reverence Capital Partners The company plans to invest $200 million as part of the transaction, according to the release. Other institutional investors and a portion of the company’s management team will collectively account for the remainder of the $1 billion investment.
The move is subject to regulatory approvals and other conditions, the release said.
In connection with the transaction, NYCB will add four new directors to its board of directors, reducing the number of board members to nine, according to the release.
New directors include: steve mnuchinformer Secretary of the Treasury. Joseph Otting, former Comptroller of the Currency. Allen Puwalski of Hudson Bay;and Milton BerlinskyManaging Partner of Reverence Capital, according to the release.
Additionally, Mr. Otting will assume the role of CEO, succeeding the current CEO. Alessandro (Sandro) DineroHe will become part-time chairman, the release states.
Secretary Mnuchin said in the release: “We made this investment because we believe Mr. Sandro, along with his new management team, has taken the right actions to stabilize the company and position NYCB to be a best-in-class national bank with more than $100 billion.”Long-term profitability A diversified and risk-free business model that supports ”
Dinero said in a release that NYCB welcomes the approach investors have taken in evaluating the bank and looks forward to incorporating their insights, adding that the investment “supports our ongoing restructuring.” “I think this is something that we actively support,” he said.
“We enter our next chapter with a strong balance sheet and liquidity position supported by a diversified and consumer-focused deposit base,” Dinero said.
The news comes six days after NYCB made two disclosures. leadership change He said he was unable to complete the annual report by the deadline.
In a Feb. 29 filing with the Securities and Exchange Commission, the bank said Mr. Dinero would be his successor. Thomas R. Cangemi Following Mr. Kangemi’s resignation, he assumed the position of president and CEO. Mr. Cangemi will remain a member of the board of directors.and that Hanif (Wally) Dahiya He resigned from his position as director.
In a separate filing on February 29, NYCB said it was unable to file its annual report on time because it discovered adjustments needed to be made to the financial report before it could be completed. Ta.
Wednesday’s news also comes about a month after NYCB reported a reduction in dividends and dividends. unexpected loss It will reach $260 million in the fourth quarter of 2023.
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