A unit of New York Community Bancorp has agreed to buy “all” the deposits and some of the loan portfolio of collapsed Signature Bank, the US federal deposit agency announced on Sunday.
Starting Monday, Flagstar Bank will acquire 40 former Signature branches, which will be rebranded, the Federal Deposit Insurance Corporation said.
The transaction included the purchase of $38.4bn of Signature assets, including $12.9bn of loans purchased at a discount of $2.7bn, the FDIC said.
The acquisition by Troy, Michigan-based Flagstar does not include Signature’s $4bn in digital deposits.