NYCB - Mnuchin Sees Opportunity To Turn New York Community Bancorp Into 'Very Attractive' Regional Bank Highlights Valuation Upside | Benzinga
Former Treasury Secretary Steven Mnuchin and a group of outside investors have invested more than $1 billion in New York Community Bancorp Inc (NYSE:NYCB).
Mnuchin explained the investment in the troubled regional bank Thursday in an interview on CNBC’s “Squawk On The Street.”
What To Know: Mnuchin's Liberty Strategic Capital led a group of investors that invested more than $1 billion to shore up confidence in the regional bank this week. The deal, which was announced on Wednesday, will see Mnuchin join the company’s board and former Comptroller of the Currency Joseph Otting take over as CEO.
Mnuchin told CNBC on Thursday that New York Community Bancorp is a business that he has “known well” and followed for a long period of time. Years ago, the former Treasury Secretary looked into potentially merging OneWest with New York Community Bancorp, he said.
Mnuchin previously led an investor group that acquired failed mortgage lender IndyMac following the 2008 financial crisis. Otting was ...