TechFlow news — The Federal Deposit Insurance Corporation (FDIC) said it has sold the majority of Signature Bank's deposits to Flagstar Bank, a subsidiary of New York Community Bank. On Monday, Signature Bank’s 40 branches will begin operating as Flagstar Bank. Signature customers can conduct banking on Monday without making any changes.
New York Community Bank has acquired nearly all of Signature’s deposits and approximately $38.4 billion in corporate assets, including $12.9 billion in Signature loans. Notably, New York Community Bank purchased these loans at a steep discount, paying only $2.7 billion. Additionally, the bank paid up to $300 million worth of FDIC stock.
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