A subsidiary of New York Community Bancorp has entered into an agreement with U.S. regulators to buy deposits and loans from New York-based Signature Bank, which was closed a week ago
The Federal Deposit Insurance Corporation said the deal would see the subsidiary, Flagstar Bank, assume substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its former branches. Roughly $60 billion of Signature Bank's loans and $4 billion of its deposits would remain with it in receivership, the agency said.The statement did not refer to the other, Silicon Valley Bank , a much larger bank that regulators took over two days before Signature.
The FDIC estimated the deal would cost its Deposit Insurance Fund approximately $2.5 billion. The agency previously reported that the fund had held $128.2 billion at the end of 2022.
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