Posted 3/12/2024, 1:05:42 PM
Mnuchin Group Invests $1B in NY Community Bancorp, Names Former Treasury Secretary Lead Director
- NY Community Bancorp closed $1B deal with investor group led by former Treasury Secretary Steven Mnuchin
- Mnuchin named lead independent director; his group will own 40% of the company
- Company plans to do a reverse stock split to make share price more attractive
- Alessandro DiNello remains as non-executive chairman; Joseph Otting named new CEO
- Deal bolsters confidence, provides capital for company's turnaround though still work ahead
