FDIC announces sale process of former Signature Bank loan portfolio (updated)

Newmark

03/04/2023 22:01

(Adds details from the statement, background)
       April 3 (Reuters) - The Federal Deposit Insurance
Corporation (FDIC) on Monday announced the marketing process for
the about $60 billion loan portfolio retained in receivership
following the failure of Signature Bank.
    The FDIC expects to begin its marketing of the retained loan
portfolio of the former Signature Bank later this summer, it
said in a statement.
    The portfolio is comprised primarily of commercial real
estate (CRE) loans, commercial loans and a smaller pool of
single–family residential loans. 
    Last week, Reuters reported that FDIC has retained advisers
to sell the securities portfolios that the new owners of failed
Silicon Valley Bank and Signature Bank rejected.
    The FDIC said on Monday it has retained Newmark & Company
Real Estate Inc as an advisor on the sale.
    On March 19, a unit of New York Community Bancorp  NYCB.N 
entered into an agreement with U.S. regulators to buy deposits
and loans from Signature Bank.
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Devika Syamnath)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))