Signature Bank Taken Over By New York Community Bancorp After Sudden Collapse

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Signature Bank Taken Over By New York Community Bancorp After Sudden Collapse

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Tracy D'souza forbes

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Mar 20, 2023 0 min read

This article is syndicated from a third-party source. Read the original on the publisher's site.

Originally published at forbes

New York Community Bancorp’s subsidiary Flagstar Bank will operate Signature Bank’s 40 branches starting Monday, and “substantially all” of Signature’s deposits—which totaled $88.6 billion at the end of last year—will head to Flagstar, though about $4 billion in digital banking deposits weren’t included in the sale and will still be handled by the FDIC. The company also bought $38.4 billion worth of loans and other assets previously held by Signature, though some $60 billion in loans will remain with the FDIC, which took over Signature after it was shut down by New York state regulators last weekend.

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Original article: forbes

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Signature Bank Taken Over By New York Community Bancorp After Sudden Collapse

Signature Bank Taken Over By New York Community Bancorp After Sudden Collapse

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