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Signature Bank Noncrypto-Related Deposits to Be Assumed by New York Community Bancorp Unit: FDIC
The 40 former branches of Signature Bank will operate under New York Community Bancorp's Flagstar Bank, N.A., from Monday. The FDIC will provide digital-banking business deposits directly to those customers.
Noncrypto-related deposits held by former Signature Bank (now Signature Bridge Bank) will be assumed by Flagstar Bank, N.A., a subsidiary of New York Community Bancorp, as of Monday under a purchase and assumption agreement, the FDIC said in a press release on Sunday U.S. time.
Signature Bridge Bank depositors – other than depositors related to the digital banking business – will automatically become depositors of Flagstar, and will continue to be insured by the FDIC up the insurance limit.
STORY CONTINUES BELOW
Flagstar Bank's bid did not include $4 billion of deposits related to the former Signature Bank's digital banking business. The FDIC will provide these deposits directly to customers whose accounts are associated with the digital banking business, according to the press release.
READ MORE: Former NY Regulator: Crypto Isn't the Reason Why Signature Bank Was Closed
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too.
I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education.
I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings.
Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid.
I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
