New York Community Bank has agreed to purchase a significant portion of Signature Bank in a company worth 2.7 billion dollars (2.5 billion euros)was announced on Sunday.
The information was provided by the Federal Deposit Insurance Corporation (FDIC), the United States federal agency whose main job is to guarantee bank deposits.
Starting today, Signature Bank’s 40 branches will become Flagstar Bank, one of the branches of New York Community Bank.
The deal includes the purchase of $38.4 billion (€36 billion) in Signature Bank assets, just over a third of Signature Bank’s total when it filed for bankruptcy a week ago.
Signature Bank was the second bank to fail in the current banking crisis, about 48 hours after Silicon Valley Bank collapsed. New York-based Signature has been involved in the cryptocurrency space for the past few years, believing it to be a company with growth potential.
The FDIC predicts that Signature Bank has cost the deposit insurance fund $2.5 billion (€2.3 billion), a figure that could change if the regulator sells the assets.
Source: DN
