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AP-National

Embattled New York Community Bancorp gets $1 billion cash infusion, adds Steven Mnuchin to its board

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Published 2:42 PM

By STAN CHOE and KEN SWEET
AP Business Writers

NEW YORK (AP) — Embattled New York Community Bancorp is getting a lifeline of more than $1 billion as a group of investors plug cash into the troubled bank. The deal will bring four new directors to the board, including Steven Mnuchin, the former U.S. Treasury secretary under President Donald Trump. Joseph Otting, a former comptroller of the currency, will become the bank’s CEO. The news sent NYCB’s stock on a wild ride. It had dropped more than 80% this year before the announcement. After that, it shot up toward its best day in nearly a year, only to swivel between losses and gains.

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