Dunfermline Athletic have secured Jordan McMillan and Kyle Hutton from Rangers while allowing John Potter to join Queen of the South on loan.
But, while Hutton joined the Pars on loan until the end of the season, the 20-year-old midfielder also signed a contract extension at Ibrox until 2014.
The 23-year-old defender, McMillan, has moved on a permanent deal, signing for the Pars until May 2013.
Defender Potter exits despite being a first-team regular at East End Park.
However, the 32-year-old, who is in his second spell with Dunfermline having joined on a one-year contract after leaving St Mirren in the summer, will spend the second half of the season in Division One as Dunfermline look to balance their finances.
Pars manager Jim McIntyre told his club website: "I just felt that, with the signing of Jordan McMillan, we could allow John to move on.
"I would like to stress just what a fantastic professional John Potter is and I wish him every success at Queens."
McIntyre was delighted to add the two players from Rangers, with no fee being paid for McMillan, although there is a sell-on clause included in the deal with the Scottish champions.
"I have tried to get both players before," he explained. "Jordan McMillan, I have chased a couple of times and not been successful.
"I was quite surprised when I found out that Rangers were willing to do a deal. The fact that it is a permanent deal is fantastic.
"He is player who is versatile; he can play in the middle of the park or equally he is comfortable at full-back.
"He has real tenacity, he is strong in the tackle. He is quick, really really quick."
McMillan had previous loan spells at Hamilton Accies, Queen of the South and Wrexham but has rarely featured in the first team at Ibrox.
Hutton, who is also a product of the Ibrox youth system, was courted by Sheffield United before spending the first half of the season with Partick Thistle in Division One.
"Kyle has got vision, a good passer of the ball and at six foot he gives us a bit of presence," added McIntyre.
"The board deserve great credit for both signings because it is a difficult time, but they have backed me to the hilt. It's a big thank you for that."
Meanwhile, Rangers striker Jack Werndly has joined Albion Rovers on loan for the remainder of the season.