NYCB - New York Community Bancorp Stock Recovers On $1-Billion Financing Deal: Regional Bank Names New CEO Former Treasury Secretary Mnuchin Joins Board (UPDATED) | Benzinga
Editor’s Note: This article has been updated with details on New York Community Bancorp’s recent equity investment, board appointments, and CEO transition. The article was further updated at 5:15 p.m. ET with a new headline, reorganized information and updated price action for the stock.
New York Community Bancorp Inc (NYSE:NYCB) shares ended a volatile session higher Wednesday after the regional bank announced an equity investment of more than $1 billion from Liberty Strategic Capital, Hudson Bay Capital, Reverence Capital Partners, Citadel Securities, other institutional investors and some members of New York Community Bancorp’s management team.
What Happened: Liberty Strategic Capital is expected to invest $450 million, Hudson Bay will invest $250 million and Reverence Capital will invest $200 million as part of the transaction.
New York Community Bancorp will sell and issue shares of its common stock to the new investors at a price of $2 per share, as well as a series of convertible preferred stock for an aggregate investment amount of $1.05 billion. The transaction is expected to close on or around March 11.
In connection with the financing announcement, New York Community Bancorp said it will add four new ...