Flagstar Takes Over Signature Minus Its Crypto Business

Mar 20, 2023

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Signature Bank has recently sold its deposits and branches to Flagstar, a Michigan-based bank. The sale did not include Signature Bank’s crypto business. Flagstar will acquire all of Signature Bank’s deposits, branches, and most of its assets for $250 million. The deal is expected to be completed by the end of the year.

Signature Bank Deposits to Be Assumed by New York Community Bank Unit FDIC

Signature Bank’s deposits will now be assumed by New York Community Bank’s unit . The deal was made after Signature Bank sold its deposits and branches to Flagstar, a Michigan-based bank. The FDIC has stated that it has approved the assumption of all deposits of the failed bank, and the transaction will not result in any losses to depositors.

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 ➡️ .

— FDIC (@FDICgov)

Signature Bank Deposits, Branches Sold to Flagstar, Crypto Not Included

Signature Bank’s deposits and branches have been sold to Flagstar, a Michigan-based bank, for $250 million. However, the sale did not include Signature Bank’s crypto business. The bank’s crypto business is known to be a significant part of its operations, which makes this exclusion quite significant.

The deal with Flagstar is expected to be completed by the end of the year. Meanwhile, the FDIC has approved the assumption of all deposits of Signature Bank by New York Community Bank’s unit FDIC. Deposit holders need not worry as this transaction will not result in any losses to depositors.

What does this mean for Signature Bank?

Signature Bank is a well-known bank in the United States, and it is known for its crypto business. However, with this sale, Signature Bank is losing its deposits and branches, which were sold to Flagstar. Although Signature Bank’s crypto business was not part of the sale, it is unclear what the bank’s future plans are for its crypto business.

What does this mean for Flagstar?

Flagstar is a Michigan-based bank that is looking to expand its operations by acquiring Signature Bank’s deposits and branches. The bank is expected to complete the deal by the end of the year. With this acquisition, Flagstar will expand its operations to the East Coast and gain a larger customer base.

Conclusion

In summary, Signature Bank has sold its deposits and branches to Flagstar, a Michigan-based bank, for $250 million. The sale did not include Signature Bank’s crypto business. The FDIC has approved the assumption of all deposits of the failed bank, and the transaction will not result in any losses to depositors. This acquisition will allow Flagstar to expand its operations to the East Coast and gain a larger customer base. It remains to be seen what the future holds for Signature Bank’s crypto business.

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Jem Benny
I am a senior stock trader. I think it is really important to share the knowledge and the experience with rookies. "Must know" and education content creator. I have been following the events of the crypto industry since 2011. I joined Walletinvestor as a content creator providing technical analysis and overviews on the current market situation.