New York Community Bank buys parts of Signature Bank
New York Community Bank wants to acquire a large portion of the collapsed Signature Bank. The FDIC said on Sunday (local time) that Dar Al Mal is buying 40 branches of Signature Bank as part of a $2.7 billion (about €2.5 billion) deal, which will be transferred to affiliated branches of Flagstar Bank starting Monday (local time). . . with. The deal also includes the purchase of $38.4 billion worth of Signature Bank assets – just over a third of total assets.
Signature Bank collapsed just over a week ago, about 48 hours after the Silicon Valley bank collapse. Signature has been investing in cryptocurrencies for the past few years. The bank’s $60 billion in loans remain in receivership, according to the FDIC, and are expected to be sold in due course.
The FDIC estimated that the failure of the signature bank would cost the Deposit Insurance Fund $2.5 billion. However, this number could change if the regulator sells the assets. The Deposit Insurance Fund is funded by banks, and taxpayers do not bear the direct costs of bank failure.
“Total coffee aficionado. Travel buff. Music ninja. Bacon nerd. Beeraholic.”
More Stories
Harald Wiel will take over as Group Vice President IT at Greiner from June 2024
The works council fears job cuts at Telekom Austria
Intelligent systems for old buildings