New York Community Bank to buy Signature Bank

March 20, 2023 09:35

Pic: REUTERS/Eduardo Munoz

New York Community Bank will buy a large part of the failed Signature Bank in a USD 2.7 billion deal. The 40 branches of Signature Bank will become Flagstar Bank, starting today. Flagstar is one of New York Community Bank's subsidiaries. The deal will include the purchase of USD 38.4 billion in Signature Bank's assets, a little more than a third of Signature's total when the bank failed a week ago.

Signature Bank was the second bank to fail in this banking crisis, roughly 48 hours after the collapse of Silicon Valley Bank.

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