By the time it was closed by regulators, Signature was the third-largest bank failure in U.S. history.
Signature Bank was the second bank to fail in this banking crisis, roughly 48 hours after the collapse of Silicon Valley Bank. Signature, based in New York, was a large commercial lender in the tristate area, but had in recent years gotten into cryptocurrencies as a potential growth business.
After Silicon Valley Bank failed, depositors became nervous about Signature Bank’s health due to its high amount of uninsured deposits as well as its exposure to crypto and other tech-focused lending. The FDIC says it expects Signature Bank’s failure to cost the deposit insurance fund $2.5 billion, but that figure may change as the regulator sells off assets. The deposit insurance fund is paid for by assessments on banks and taxpayers do not bear the direct cost when a bank fails.
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Signature Bank Deposits to Be Assumed by New York Community Bank Unit: FDICFormer Signature Bank deposits other than those related to the digital banking business will be assumed by a unit of New York Community Bancorp as of Monday, the FDIC said. GregAhl reports
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New York Community Bank to buy failed Signature BankNew York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
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New York Community Bank agrees to buy failed Signature Bank in $2.7B dealNew York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
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New York Community Bank to buy failed Signature BankNew York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday
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New York Community Bank to buy failed Signature BankNEW YORK (AP) — New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting Monday.
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New York Community Bancorp to take over failed Signature BankSignature was one of 2 bank failures that threatened to kick off a broader crisis of confidence in the U.S. banking system
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