A large portion of Signature Bank is set to be acquired by New York Community Bank
New York Community Bank (NYCB) has recently agreed to acquire a substantial portion of Signature Bank in a $2.7 billion deal, according to the Federal Deposit Insurance Corporation (FDIC).
The acquisition comes at a time when the FDIC announced that $60 billion in Signature Bank loans will remain available and are expected to be sold off in due course. While Signature Bank was a major commercial lender in the tri-state area, it was also exposed to the cryptocurrency space and technology-focused loans, which became a concern for depositors when Silicon Valley Bank collapsed just 48 hours before Signature Bank.
The bank's failure was a major shock to depositors, and it was the second bank to fail during the last banking crisis. The high volume of uninsured deposits and its exposure to cryptocurrencies and technology-focused loans were just some of the factors that led to regulators shutting down Signature Bank. The bank's failure was also the third largest in US history at the time.
Despite the FDIC's estimation that the Signature Bank failure would cost the deposit insurance fund $2.5 billion, the regulator has said that this figure could change as it sells off assets. It's unclear what NYCB's plans are for the assets and branches it is acquiring from Signature Bank, but the acquisition is expected to further strengthen NYCB's position as a major player in the banking industry. Overall, it is hoped that the acquisition will prove to be a positive move for NYCB and its subsidiaries, as they continue to navigate the challenging and ever-evolving banking landscape.
A large portion of Signature Bank is set to be acquired by New York Community Bank
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