Flagstar Bank parent New York Community Bancorp Inc. on Tuesday said that the FDIC had agreed to sell 39 million shares of the institution that the agency...
Flagstar Bank parent New York Community Bancorp Inc.
on Tuesday said that the FDIC had agreed to sell 39 million shares of the institution that the agency set up in place of the recently-failed Signature Bank. That financial institution, Signature Bridge Bank N.A., which the FDIC created in March to handle the failed bank’s operations, will get all the proceeds from the offering. The offering comes after Flagstar, a regional bank, scooped up billions of the Signature successor bank’s deposits, loans and cash from from the FDIC in March.
on Tuesday said that the FDIC had agreed to sell 39 million shares of the institution that the agency set up in place of the recently-failed Signature Bank. That financial institution, Signature Bridge Bank N.A., which the FDIC created in March to handle the failed bank’s operations, will get all the proceeds from the offering. The offering comes after Flagstar, a regional bank, scooped up billions of the Signature successor bank’s deposits, loans and cash from from the FDIC in March.
stock gains. Under the terms of that instrument, Signature Bridge Bank “agreed to use all reasonable efforts to sell the shares it owns by no later than June 8, 2023 and the Company agreed to use reasonable efforts to facilitate such a sale.” Flagstar Bank runs 435 bank branches in the Northeast and Midwest, as well as in the Southeast and the West Coast. Shares of New York Community Bancorp rose 2.3% after hours.
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