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Signature Bridge Bank

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finance2 years ago•2 min saved

NYCB's Upgrade to Buy with 'Extremely Safe' Dividend Yield After FDIC Deal Raises Eyebrows.

New York Community Bancorp's stock rose 32% after purchasing $38.4 billion in deposits, $12.9 billion in loans, and 40 branches of Signature Bridge Bank from the FDIC. D.A. Davidson analyst Peter Winter upgraded NYCB to a "buy" rating, citing significant funding advantages and an extremely safe 7.90% dividend yield. The deal will speed up NYCB's transformation to a more commercial bank-like structure, lowering the loan to deposit ratio and increasing C&I loans while lowering its concentration in multifamily loans.

via MarketWatch|

#commercial-bank #dividend-yield #fdic

finance2 years ago•2 min saved

New York Community Bankcorp acquires Signature Bank in $2.7B deal.

New York Community Bancorp's Flagstar Bank unit has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from the Federal Deposit Insurance Corporation. The purchase includes approximately $38 billion of assets, including $25 billion of cash and roughly $13 billion in loans. The deal is expected to significantly strengthen New York Community Bancorp's deposit base, lower the loan-to-deposit ratio, and further diversify its loan portfolio away from commercial real estate loans. The stock has gained almost 40% since the announcement.

via Fox Business|

#acquisition #assets #finance