Banking Crisis
Signature’s Deposits, Loans Assumed by NY Community Bancorp
- Bank assumes $38 billion in assets, $36 billion in liabilities
- The FDIC gets an equity kicker that could reach $300 million
Source: Bloomberg
This article is for subscribers only.
Signature Bank’s deposits and some of its loans have been taken over by a unit of New York Community Bancorp, a move that could help calm some of the turmoil that has engulfed US regional banks.
NYCB’s Flagstar Bank of Hicksville, New York, agreed to purchase $38 billion of assets, including $25 billion in cash and about $13 billion in loans, from the Federal Deposit Insurance Corp., the lender said in a statement. It also assumed liabilities of about $36 billion, including $34 billion in deposits.