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# New York Community Bancorp Closes Over $1 Billion Equity Investment Led by Liberty Strategic Capital
- URL: https://www.theglobalbanker.com/nycb-closes-1-billion-equity-investment-liberty-strategic-hudson-bay-reverence/
- Published: 2024-03-11T17:28:00.000Z
- Updated: 2026-10-02T12:54:17.000Z
- Description: NYCB secured approximately $1.05 billion in fresh equity from a consortium including Liberty Strategic Capital, Hudson Bay Capital, and Reverence Capital, alongside the appointment of four new directors, including former Treasury Secretary Steven Mnuchin and incoming CEO Joseph Otting.
- Author: TGB Editorial Team
- Tags: Banking News, Americas, #archive

New York Community Bancorp closed an equity investment of approximately $1.05 billion on 11 March 2024, drawing capital from a consortium of investors led by Liberty Strategic Capital, the private equity firm founded by former United States Treasury Secretary Steven Mnuchin. The deal came after weeks of pressure on NYCB's share price and deposit base, which had been eroded by concerns about the bank's commercial real estate loan portfolio and disclosed weaknesses in its internal controls.

Liberty Strategic Capital was expected to invest $450 million as the lead contributor to the round, with funds managed by Hudson Bay Capital Management investing $250 million. Reverence Capital Partners, which committed $200 million, and other investors completed the remainder of the $1.05 billion total. NYCB announced the closing in a press release that day, in which Executive Chairman, President and Chief Executive Officer Sandro DiNello said the raise allowed the company "to execute on our strategy from a position of strength" and that it entered "this next phase with an enhanced balance sheet and liquidity position." 

#### INVESTOR CONTRIBUTIONS

The combined commitment from the two principal investors covered the bulk of the total raise, with Reverence Capital and other participants completing the syndicate. 

#### BOARD AND LEADERSHIP CHANGES

The closing was accompanied by the appointment of four new directors — Steven Mnuchin (named lead independent director), Joseph Otting, Milton Berlinski and Allen Puwalski — with Otting set to succeed Sandro DiNello as chief executive and DiNello to become non-executive chairman. 

NYCB's press release said the investment had strengthened the company's balance sheet and liquidity position.