LoanDepot rises after unit transfers $225 mln from Signature Bridge Bank

loanDepot

15/03/2023 13:25

** Shares of non-bank mortgage platform LoanDepot Inc
 LDI.N  rise ~2% to $1.76 on light volumes in premarket trading 
    ** LDI surges after its indirect unit transfers $225 mln of
corporate cash that was held at the now Federal Deposit
Insurance Corporation (FDIC)-run Signature Bridge Bank
    ** LDI still holds fully-insured custodial deposit accounts
at Signature, but its cash and cash equivalents are now
distributed across large money center banks
    ** The transfer follows the recent collapse of Signature
Bank  SBNY.O  and Silicon Valley Bank  SIVB.O  after significant
outflows 
    ** YTD the stock was up ~4% as of previous close 

 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))