Flagstar Bank is set to take over $38.4 billion in customer deposits held by Signature Bank. However, $4 billion from Signature's crypto business has been left off the table.
Only a week after its collapse, Signature Bank’s deposits and loans are set to be sold to Flagstar Bank, a subsidiary of New York Community Bancorp — crypto-related deposits however, will not be part of the deal.the agreement on March 19, which will see $38.4 billion worth of non-cryptocurrency-related deposits and $12.9 billion in loans taken over by the Michigan-based bank under a “purchase and assumption agreement.
From March 20, Signature’s Bank 40 branches will begin operating as Flagstar Bank, where all deposits assumed by Flagstar Bank will continue to be insured up until the $250,000 insurance limit. Today, we entered into an agreement with a subsidiary of New York Community Bancorp, Inc., to purchase and assume deposits and assets out of Signature Bridge Bank. Read more ➡️
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