The crypto-friendly bank failed last week, amplifying fears of a banking crisis.
Topline
New York Community Bancorp has acquired Signature Bank and assumed most of its deposits, the Federal Deposit Insurance Corporation announced Sunday evening, one week after crypto-friendly Signature Bank and tech-focused Silicon Valley Bank both collapsed in the span of a few days—sending shockwaves through the U.S. financial system.Key Facts
New York Community Bancorp’s subsidiary Flagstar Bank will operate Signature Bank’s 40 branches starting Monday, and the vast majority of Signature’s $88.6 billion in deposits will automatically 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.
