FDIC: New York Community Bank's wholly-owned subsidiary will accept all deposits of Signature Bank

2023-03-20 08:22:21

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ChainCatcher news, according to a press release from the Federal Deposit Insurance Corporation (FDIC), New York Community Bank's wholly-owned subsidiary Flagstar Bank will accept all deposits and certain loan portfolios held by the former Signature Bank (Signature Bridge Bank).

It is reported that 40 former branches of Signature Bank will operate under Flagstar Bank starting on March 20. Except for depositors related to digital banking, all depositors of Signature Bridge Bank will automatically become depositors of Flagstar Bank, and all their deposits will continue to be insured by the FDIC. Flagstar Bank's bid does not include approximately $4 billion in deposits related to the former Signature Bank's digital banking business. The FDIC will provide these deposits directly to customers associated with accounts related to the digital banking business. (Source link)

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