New York Community Bank agrees to buy failed Signature Bank in $2.7B deal

NYPost: New York Community Bank will buy a major portion of Signature Bank, a large lender for tristate businesses, in a $2.7 billion deal after the latter failed a week ago.

The Federal Deposit Insurance Corp. on Sunday announced the deal in which New York Community Bank agreed to purchase $38.4 billion Signature Bank’s assets — about a third of its total $110 billion in assets when it failed last week.

The remaining $60 billion in Signature Bank’s loans will stay in receivership until they are eventually sold off, the FDIC said. 

The Manhattan-based bank failed just 48 hours after Silicon Valley Bank collapsed and sent shock waves through the stock market. Like Silicon Valley Bank, Signature Bank had recently expanded into the cryptocurrency industry. After the California bank fell apart, depositors worried about the status of Signature Bank due to its reliance on crypto and its high amount of uninsured deposits.  more.

SNIP: I once had an account at New York Community Bank for about a month. The service was crap and the bank looked like an old AAFES gas station.