"NYCB Secures $1 Billion Capital Infusion, Implements Reverse Stock Split to Reassure Markets"

New York Community Bancorp (NYCB) has closed a $1 billion capital infusion deal with an investor group and announced plans for a one-for-three reverse stock split of its common stock. The bank also appointed Joseph Otting as its chief executive and added former U.S. Treasury Secretary Steven Mnuchin and others as new directors of the board. NYCB's shares rose 5.8% in extended trading following the announcement. The bank aims to raise funds through stocks and warrants, with investors expected to own about 39.6% of the company on a fully-diluted basis. Despite concerns from Wall Street analysts about the bank's turnaround timeline, NYCB plans to outline a new business plan in April after experiencing a surprise quarterly loss and a reduction in dividends.