New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday
The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank's subsidiaries. The deal will include the purchase of $38.4 billion in Signature Bank's assets, a little more than a third of Signature's total when the bank failed a week ago.
The FDIC said $60 billion in Signature Bank's loans will remain in receivership and are expected to be sold off in time.in this banking crisis, roughly 48 hours after the collapse of Silicon Valley Bank. Signature, based in New York, was a large commercial lender in the tristate area, but had in recent years gotten into cryptocurrencies as a potential growth business.
After Silicon Valley Bank failed, depositors became nervous about Signature Bank's health due to its high amount of uninsured deposits as well as its exposure to crypto and other tech-focused lending. By the time it was closed by regulators, Signature was the third largest bank failure in U.S. history.
The FDIC says it expects Signature Bank's failure to cost the deposit insurance fund $2.5 billion, but that figure may change as the regulator sells off assets. Theis paid for by assessments on banks and taxpayers do not bear the direct cost when a bank fails. Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Signature Bank Deposits to Be Assumed by New York Community Bank Unit: FDICFormer Signature Bank deposits other than those related to the digital banking business will be assumed by a unit of New York Community Bancorp as of Monday, the FDIC said. GregAhl reports
Consulte Mais informação »
New York Community Bank to buy failed Signature BankNew York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
Consulte Mais informação »
New York Community Bank agrees to buy failed Signature Bank in $2.7B dealNew York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
Consulte Mais informação »
New York Community Bancorp to take over failed Signature BankSignature was one of 2 bank failures that threatened to kick off a broader crisis of confidence in the U.S. banking system
Consulte Mais informação »
FDIC announces agreement to sell Signature Bank assets to New York Community BancorpA subsidiary of New York Community Bancorp has entered into an agreement with U.S. regulators to purchase deposits and loans from New York-based Signature Bank , which was closed earlier this month.
Consulte Mais informação »
Signature Bank Bought By New York Community Bancorp After Sudden CollapseThe crypto-friendly bank failed last week, amplifying fears of a banking crisis.
Consulte Mais informação »