New York Community Bank , to Buy Portion of Signature Bank.
NPR reports that the agreement was revealed on March 19.
New York Community Bank will by a large chunk of Signature Bank for $2.7 billion.
Beginning March 20, 40 Signature Bank branches turn into Flagstar Bank, a subsidiary of New York Community Bank.
Beginning March 20, 40 Signature Bank branches turn into Flagstar Bank, a subsidiary of New York Community Bank.
The deal includes $38.4 billion in assets.
The deal includes $38.4 billion in assets.
According to the FDIC, $60 billion of the failed bank's loans will stay in receivership and be sold off over time.
Signature Bank failed two days after Silicon Valley Bank collapsed.
Signature Bank failed two days after Silicon Valley Bank collapsed.
Nervous depositors withdrew billions, causing Signature Bank to meet the same fate.
NPR reports that the FDIC estimates Signature Bank's demise will "cost the deposit insurance fund $2.5 billion." .
NPR reports that the FDIC estimates Signature Bank's demise will "cost the deposit insurance fund $2.5 billion." .
That figure could vary once assets are sold off by the regulator
