Posted on

Flagstar Bank to buy some Signature Bank assets, but not crypto operations


Flagstar Bank, a subsidiary of New York Community Bancorp, has signed a takeover agreement with U.S. regulators for some of Signature Bank’s assets and loans. Earlier this month, after Silicon Valley Bank’s customers all tried to withdraw their funds at the same time, Signature Bank was the second victim of a bank run.
Both banks were shut down by regulators. The Federal Deposit Insurance Corporation (FDIC) then established bridge banks so that depositors could access their funds as quickly as possible. Over the past few days, the FDIC has been trying to sell the assets and find potential buyers.
“The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association, by Flagstar Bank,” the FDIC said in a statement …

Read More