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Flagstar Bank

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finance1 year ago•3 min saved

"NYCB's New Boss Faces Rent-Stabilized Market Crisis and Credit Downgrades"

New York Community Bancorp clarified that Alessandro DiNello is now officially the boss of the embattled bank, with the CEO reporting directly to him. The bank disclosed this change in a new filing with the Securities and Exchange Commission, noting that it had changed its bylaws to make it happen. DiNello, who used to be CEO of Flagstar Bank, will serve as the company’s principal executive officer and be the most senior executive officer of the company. The decision comes amid a two-week-long saga of financial challenges, including a dividend cut, net quarterly loss, and credit rating downgrade.

via Yahoo Finance|

#alessandro-dinello #banking #executive-chairman

cryptocurrency2 years ago•1 min saved

FDIC sets deadline for Signature Bank's crypto clients to close accounts.

The US Federal Deposit Insurance Corp (FDIC) has instructed Signature Bank's crypto clients to close their accounts and move their money by April 5, as the deposits were not part of the rescue deal arranged with Flagstar Bank earlier this month. The deal saw Flagstar Bank assume substantially all of Signature Bank's deposits, some of its loan portfolios, and all 40 of its former branches, but not the $4bn in deposits related to Signature's digital-asset business.

via Reuters|

#crypto-clients #cryptocurrency #deposits

finance2 years ago•1 min saved

Signature Bank assets sold to multiple buyers for billions.

New York Community Bancorp, the parent company of Flagstar Bank, has agreed to purchase a significant portion of failed Signature Bank in a $2.7 billion deal. The purchase includes 40 branches, $38.4 billion in assets, and $13 billion in loans. The FDIC expects the failure of Signature Bank to cost the deposit insurance fund $2.5 billion. Signature Bank was the second bank to fail in the current banking crisis, following Silicon Valley Bank.

via Detroit Free Press|

#banking-crisis #fdic #finance

finance2 years ago•1 min saved

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.

via Seeking Alpha|

#finance #flagstar-bank #manda

finance2 years ago•1 min saved

New York Community Bank acquires significant portion of Signature Bank in multi-billion dollar deal.

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.

via NPR|

#banking-crisis #fdic #finance

finance2 years ago•1 min saved

Signature Bank assets sold to NY Community Bancorp subsidiary by FDIC.

A subsidiary of New York Community Bancorp, Flagstar Bank, has agreed to purchase deposits and loans from Signature Bank, which was closed by regulators last week. The deal will see Flagstar assume substantially all of Signature Bank's deposits, some of its loan portfolios, and all 40 of its former branches. Roughly $60 billion of Signature Bank's loans and $4 billion of its deposits would remain with it in receivership. The FDIC estimated the deal would cost its Deposit Insurance Fund approximately $2.5 billion.

via CNBC|

#banking-crisis #fdic #finance