Signature Bank was shut down by regulators in March in efforts to prevent a larger banking crisis.
Angus Mordant | Bloomberg | Getty Images
A subsidiary of New York Community Bancorp has entered into an agreement with U.S. regulators to purchase deposits and loans from New York-based Signature Bank, which was closed earlier this month.
The Federal Deposit Insurance Corporation said the deal would see Flagstar Bank, the subsidiary, assume substantially all deposits and certain loan portfolios, and all 40 of Signature Bank’s former branches. The FDIC said roughly $60 billion of the bank’s loans and $4 billion of its deposits will remain in receivership.
