New York Community Bank to buy failed Signature Bank for USD 2.7 Billion
Shortpedia
Content Team
Image Credit: fox10 tv
New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a USD 2.7 billion deal, the Federal Deposit Insurance Corp. said. 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 USD 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.
