New York Community Bank has decided to buy a majority stake in failed Signature Bank for $2.7 billion. The Federal Deposit Insurance Corporation (FDIC) gave this information. With this, 40 branches of Signature Bank will be known as Flagstar Bank from Monday.
Flagstar is one of the subsidiaries of New York Community Bank. The deal will include the purchase of Signature Bank’s assets for $38.4 billion.
The Federal Deposit Insurance Corporation (FDIC) said Signature Bank’s $60 billion loan is secured and the deal is expected to close on time.
Information about the failure of Signature Bank was revealed within 48 hours of the closure of Silicon Valley Bank.
