Flagstar Bank, a subsidiary of NYCB, has just purchased $38.4 billion of Signature Bank's assets including a $12.9 billion loan portfolio at a $2.7 billion discount.
Recall the US authorities initiated reorganization proceedings against the institution on March 13.
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At the date of the last report, Signature Bank's assets amounted to $110.4 billion (including $88.6 billion in deposits). Approximately $60 billion will remain available to the FDIC.
Forty bank branches will open under the new name today, March 20. Flagstar Bank deposits up to $250,000 will receive insurance coverage.
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The acquisition of Flagstar Bank does not include $4 billion of crypto-related deposits. The FDIC has confirmed it will transfer these deposits directly to customers who have opened a digital bank account.