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Signature Bank Noncrypto-Related Deposits to Be Assumed by New York Community Bancorp Unit: FDIC
The 40 former branches of Signature Bank will operate under New York Community Bancorp's Flagstar Bank, N.A., from Monday. The FDIC will provide digital-banking business deposits directly to those customers.
Updated Mar 20, 2023, 2:56 p.m. Published Mar 20, 2023, 12:04 a.m.
Noncrypto-related deposits held by former Signature Bank (now Signature Bridge Bank) will be assumed by Flagstar Bank, N.A., a subsidiary of New York Community Bancorp, as of Monday under a purchase and assumption agreement, the FDIC said in a press release on Sunday U.S. time.
Signature Bridge Bank depositors – other than depositors related to the digital banking business – will automatically become depositors of Flagstar, and will continue to be insured by the FDIC up the insurance limit.
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Flagstar Bank's bid did not include $4 billion of deposits related to the former Signature Bank's digital banking business. The FDIC will provide these deposits directly to customers whose accounts are associated with the digital banking business, according to the press release.
READ MORE: Former NY Regulator: Crypto Isn't the Reason Why Signature Bank Was Closed
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