FDIC announces agreement to sell Signature Bank assets to New York Community Bancorp subsidiary
Flagstar Bank will be assuming all of Signature Bank's deposits and some of its loan portfolios as well as its 40 former branches.
New York Community Bancorp's subsidiary has reached an agreement to buy deposits and loans from Signature Bank in New York. The bank was shut down earlier this month.
According to the Federal Deposit Insurance Corporation, Flagstar Bank, the subsidiary of Signature Bank, would assume substantial deposits and loan portfolios. FDIC stated that approximately $60 billion of the bank’s loans and $4Billion of its deposits would remain under receivership.