New York Community Bankcorp acquires Signature Bank in $2.7B deal.
TL;DR
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.
Topics:businessfinance#acquisition#assets#finance#liabilities#new-york-community-bancorp#signature-bridge-bank
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- New York Community Bank agrees to buy failed Signature Bank in $2.7B deal New York Post
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