New York Community Bank subsidiary Flagstar acquired a large segment of Signature Bank for $2.7 billion, NYCB and the Federal Deposit Insurance Corp. announced Sunday.
Included in NYCB’s purchase are $38.4 billion in assets, $25 billion in cash, $12.9 billion in loans, and 40 former Signature branches. Approximately $60 billion in loans remain in receivership under the FDIC.
Signature customers became Flagstar customers Monday morning, the bank said.
