WASHINGTON (dpa-AFX) - New York Community Bancorp Inc. (NYCB) said that
Liberty Strategic Capital, Hudson Bay Capital, Reverence Capital Partners,
Citadel Global Equities, other institutional investors and certain members of
the company's will make a combined over $1 billion investment in the company.

Liberty is expected to invest $450 million, Hudson Bay will invest $250 million,
and Reverence will invest $200 million as part of the transaction.

NYCB closed Wednesday's regular trading at $3.46 up $0.24 or 7.45%. But in the
after-hours trading, the stock dropped $0.06 or 1.73%.

In connection with the transaction, the company will add four new directors to
its Board, including Steven Mnuchin, the 77th Secretary of the Treasury, Joseph
Otting, former Comptroller of the Currency, Allen Puwalski from Hudson Bay, and
Milton Berlinski, Managing Partner of Reverence Capital, New York Community
Bancorp said in a statement.

In addition, Otting will become Chief Executive Officer and DiNello will be
named as Non-Executive Chairman of New York Community Bancorp.

As part of the reconstitution, the Board will be reduced to nine members and
will include Secretary Mnuchin, Otting, Puwalski, Berlinski, DiNello, Marshall
Lux, Peter Schoels, Jennifer Whip and David Treadwell.

In connection with the equity capital raise transaction, NYCB will sell and
issue, in the aggregate, to the Investors shares of common stock of the Company
at a price per share of $2.00 and a series of convertible preferred stock with a
conversion price of $2.00, for an aggregate investment amount of $1.05 billion.
In addition, investors will receive 60% warrant coverage to purchase non-voting,
common-equivalent stock with an exercise price of $2.50 per share, a 25% premium
to the price paid on common stock.

The transaction is expected to close on or around Monday, March 11, 2024.

Last month, New York Community Bancorp disclosed in a regulatory filing that it
identified material weaknesses in its internal controls related to internal loan
review, resulting from ineffective oversight, risk assessment and monitoring
activities, NYCB said in a filing with the U.S. Securities and Exchange
Commission.

The company determined that Generally Accepted Accounting Principles required a
'goodwill impairment' charge on the company's 'Consolidated Statements of Income
and Comprehensive Income' for the quarter and fiscal year ended December 31,
2023, resulting in a $2.4 billion decrease to the fourth quarter and annual net
(loss) income available to common stockholders.



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