Home Press Release Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits

Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits

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Flagstar Bank, a subsidiary of New York Community Bancorp, Inc., will acquire Signature Bank, according to a press release issued by the Federal Deposit Insurance Corporation (FDIC) on March 19.

The signature was put up for sale and auctioned by the FDIC, Reuters reports.

This warning has been proven true, as the FDIC states in a press release.

“Signature Bridge Bank, NA depositors other than depositors related to digital banking business automatically become depositors of the Assumed Institution.”

The FDIC added that all deposits underwritten by Signature’s new owners will continue to be insured by the FDIC up to the insurance limit.

“Flagstar Bank’s bid did not include approximately $4 billion in deposits related to the former Signature Bank’s digital banking business.”

The $4 billion in deposits not covered by Flagstar Bank’s bid will be provided by the FDIC “directly to customers with accounts related to digital banking businesses.”

According to public documents, Flagstar is owned and operated by New York-based Community Bancorp, Inc. (dating back to 1851), founded in Vermont as a growth-oriented bank and is now the nation’s largest community bank. is one of There are 395 locations.

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