NYCB acquired Signature Bank assets with total fair value of $37.8 billion

Signature Bank

13/06/2024 23:17

June 13 (Reuters) - New York Community Bancorp  NYCB.N 
said on Thursday it acquired the assets of the failed Signature
Bank with an estimated total fair value of $37.8 billion. 
    In March 2023, its subsidiary, Flagstar Bank, had assumed
substantially all of Signature Bank's deposits and some of its
loan portfolios from the Federal Deposit Insurance Corporation
(FDIC).
    The regional lender added the fair value estimate primarily
includes $24.9 billion in cash and cash equivalents and $11.7
billion in loans and leases.
    It also assumed liabilities with an estimated fair value of
$35.7 billion, primarily including $33.5 billion in customer
deposits, NYCB said.

 (Reporting by Manya Saini in Bengaluru; Editing by Vijay
Kishore)
 ((Manya.Saini@thomsonreuters.com;))