Investing.com -- New York Community Bancorp said Wednesday raised more than $1 billion from a consortium of investors, led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital in a deal that includes leadership changes with the appointment of a new chief executive officer.

New York Community Bancorp Inc (NYSE: NYCB) was last trading down 42% before shares were halted.

NYCB will sell stock at a price per share of $2.00 and a series of convertible preferred stock with a conversion price of $2.00, raising a total amount of $1.05B. Under the deal, investors would receive 60% warrant coverage to purchase non-voting stock with an exercise price of $2.50 per share.

Mnuchin's Liberty Strategic Capital led the capital raising, with a commitment to invest $450M, with Hudson Bay investing $250M, and Reverence investing $200 million.

As part of the deal, NYCB agreed to add four new directors to its board and appoint appoint Joseph Otting, former Comptroller of the Currency, as CEO. Mnuchin, Otting, Allen Puwalski from Hudson (NYSE: HUD) Bay, and Milton Berlinski, Managing Partner of Reverence, were given board seats. DiNello will be named as non-executive chairman.

The stock was halted earlier on report it was sounding out interest among outside investors for a cash injection to strengthen its finances amid fears about exposure to bad real-estate loans.