Signature Bank's Collapse Leads to New York Community Bancorp's 30% Gain and Asset Acquisition

New York Community Bancorp's stock surged by 29.5% in premarket trading after Flagstar Bank, its subsidiary, agreed to take over Signature Bank's deposits and some of its loans. The move was seen as earnings-accretive, leading to multiple Wall Street analysts upgrading the stock. The deal is expected to improve NYCB's balance sheet and reduce its reliance on higher-cost wholesale funding. The bank bought $12.9B in loans at a discount of $2.7B, which equates to a 79% haircut.