New York Community Bank acquires significant portion of Signature Bank in multi-billion dollar deal.
TL;DR Summary
New York Community Bank has agreed to purchase a significant portion of Signature Bank in a $2.7 billion deal, including $38.4 billion in assets and 40 branches. Signature Bank was the second bank to fail in the current banking crisis, with depositors becoming nervous due to its exposure to cryptocurrencies and tech-focused lending. The FDIC expects the failure to cost the deposit insurance fund $2.5 billion.
- New York Community Bank agrees to buy a large portion of Signature Bank NPR
- FDIC announces agreement to sell Signature Bank assets to New York Community Bancorp subsidiary CNBC
- New York Community Bank buys portion of failed Signature Bank CBS New York
- New York Community Bank agrees to buy failed Signature Bank in $2.7B deal New York Post
- FDIC sells most of failed Signature Bank to Flagstar CNN
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