From Breakingviews - Signature Bank buyer gets a crisis dividend
. If watchdogs won’t readily approve deals in peacetime, potential acquirers have every incentive to wait until wartime.New York Community Bancorp has acquired $34 billion of deposits from failed lender Signature Bank in a deal brokered by the Federal Deposit Insurance Corp on March 19.
Community Bancorp said it has taken on $13 billion in loans and $25 billion in cash as part of the deal. The FDIC has been given equity appreciation rights in New York Community Bancorp that could be worth up to $300 million. The assets have been assumed by Community Bancorp’s subsidiary, Flagstar, which the New York-based bank acquired in a deal that closed in December 2022.Editing by Antony Currie and Amanda GomezOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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