New York Community Bancorp Unit to Buy Signature Bank Assets in $2.7 Billion Deal
A subsidiary of New York Community Bancorp will purchase a significant portion of the failed Signature Bank under a $2.7 billion deal with U.S. regulators, the Federal Deposit Insurance Corp. (FDIC) announced on March 19.
The 40 former branches of New York-based Signature Bank will operate under the name Flagstar Bank—the NYCB subsidiary—beginning March 20, according to the FDIC, an independent agency created by Congress to maintain a stable financial system.
Depositors of Signature Bridge Bank—excluding those related to the digital banking business—will automatically become depositors of Flagstar Bank.
Signature Bridge Bank was created by the FDIC earlier this month to take over Signature Bank’s operations after it was closed by New York state regulators in the wake of its collapse….