New York Community Bancorp Looks to Buy Signature Bank Assets

New York Community Bancorp (NYCB), through its unit, is looking to strike a deal with U.S. regulators to buy deposits and loans from New York-based Signature Bank.

The Federal Deposit Insurance Corporation (FDIC) said that Flagstar Bank, which is a subsidiary of NYCB, will assume substantially all of Signature Bank’s deposits, some loan portfolios and all 40 of the latter’s former branches.

Meanwhile, approximately $60 billion of Signature Bank’s loans and $4 billion of deposits would remain with it in receivership

However, the regulator did not mention Silicon Valley Bank (SVB), which is the first one to spark this crisis.

Reuters reported earlier that the regulators would launch an auction for SVB’s assets after failing to attract buyers when opened for an auction of the whole bank.