New York Community Bank Unit Assumes Signature Bank Deposits in $2.7B Deal.
Flagstar Bancorp, a subsidiary of New York Community Bancorp, will assume non-crypto related deposits held by former Signature Bank (now Signature Bridge Bank) under a purchase and assumption agreement, according to the FDIC. Depositors other than those related to the digital banking business will automatically become depositors of Flagstar and will continue to be insured by the FDIC up to the insurance limit. Flagstar's bid did not include $4 billion of deposits related to the former Signature Bank's digital banking business, which the FDIC will provide directly to customers whose accounts are associated with the digital banking business.