Reverence Capital Partners - Enters into Definitive Agreement to Make Investment in New York Community Bank

Reverence Capital Partners (“Reverence”) is pleased to announce that Reverence Capital Partners Opportunities Fund V (PE Fund III), alongside Liberty Capital and Hudson Bay Capital as anchor investors, has agreed to make an investment in New York Community Bancorp, Inc. (“NYCB” or the “Bank”), parent company of Flagstar Bank, N.A., a national bank with $100+ billion in assets. Flagstar Bank, N.A. operates 420 branches, including strong footholds in the Northeast and Midwest and exposure to high growth markets in the Southeast and West Coast.

In connection with the transaction, Joseph Otting, the 31st Comptroller of the Currency and former CEO of OneWest Bank, will become Chief Executive Officer. Current CEO Sandro DiNello will remain with the bank in the role of Non-Executive Chairman, providing his strong banking knowledge in support of Joseph Otting and the Board.

Milton Berlinski, Reverence Capital's Managing Partner and Co-Founder, will join the NYCB Board of Directors alongside former Secretary of the Treasury Steven Mnuchin (Liberty Capital), Joseph Otting, and Allen Puwalski (at the recommendation of Hudson Bay).

We believe that the incremental capital and support from Reverence Capital and the other investors — teams with long-standing experience investing in depository and other financial institutions — will position NYCB to become a best-in-class $100+ billion national bank with a diversified and de-risked business model that supports long term profitability.

Our investment in NYCB demonstrates Reverence Capital’s thematic investing approach, deep reach and expertise in the Banking sector, and our ability to execute complex transactions in highly regulated industries.

The transaction is expected to close on or around March 11, 2024, subject to the satisfaction of certain closing conditions.

For your reference, included here is the related press release.

Should you have any questions, please reach out to Reverence at 212-804-8025.