The New York bank is taken over by the Community Bancorp.
(Photo: AP)
new York The US deposit insurance FDIC has found a buyer for the failed Signature Bank. All deposits and part of the loan portfolio would be taken over by New York Community Bancorp and its subsidiaries, the FDIC said on Sunday evening.
As of Monday, Signature Bank’s 40 branches would operate under the Flagstar Bank brand, which belongs to Community Bancorp. The deposits would then be insured up to the US limit of $250,000. After the bankruptcy of Signature Bank and Silicon Valley Bank a week ago, deposit insurance temporarily guaranteed all deposits in full.
More to come
More: All current developments on the banking crisis in the news blog.