Signature Bank's operations sold off by regulator

Crypto business to be wound up

Eve Maddock-Jones
clock • 1 min read

New York Community Bank has agreed to buy a significant share of the recently failed Signature Bank for $2.7bn.

The Federal Deposit Insurance Corp confirmed the news on Sunday (19 March), one week after it took control of Signature. In total, 40 branches of Signature Bank will become Flagstar Bank, starting Monday (20 March), a subsidiary of New York Community Bank. SVB's parent company files for 'reorganisation' bankruptcy The deal will include the purchase of $38.4bn in Signature Bank's assets, a little more than a third of Signature's total when the bank failed a week ago. However, it does not include Signature's crypto unit Signet, which facilitates the buying and selling of digital c...

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