2 years ago
Flagstar Bank — a subsidiary of New York Community Bancorp, Inc. — volition get Signature Bank, arsenic per a property merchandise sent retired by the Federal Deposit Insurance Corporation (FDIC) connected March 19.
Signature was up for merchantability and being auctioned by the FDIC — with the caveat that immoderate purchaser would beryllium forced to divest from crypto and integer banking services, according to a Reuters report.
That informing has proven to beryllium true, arsenic stated by the FDIC successful its property release:
“Depositors of Signature Bridge Bank, N.A., different than depositors related to the integer banking business, volition automatically go depositors of the assuming institution.”
The FDIC added that each deposits assumed by Signature’s caller owners volition proceed to beryllium insured by the FDIC up to the security limit, adding that:
“Flagstar Bank’s bid did not see astir $4 cardinal of deposits related to the erstwhile Signature Bank’s integer banking business.”
The $4 cardinal deposits not covered by Flagstar Bank’s bid volition beryllium provided by the FDIC “directly to customers whose accounts are associated with the integer banking business.”
According to nationalist filings, Flagstar is owned and operated by the New York-based Community Bancorp, Inc. — which goes backmost to 1851 — established successful Vermont arsenic a growth-orientated slope that is present 1 of the largest determination banks successful the country, with 395 locations.
The station Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits appeared archetypal connected CryptoSlate.
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