(Reuters) – New York Community Bank (NYSE:) said Thursday it has acquired the assets of the bankrupt company. Bank signature (OTC:) with an estimated total fair value of US$37.8 billion.
In March 2023, its subsidiary Flagstar Bank took over substantially all of Signature Bank’s deposits and a portion of its loan portfolios from the Federal Deposit Insurance Corporation (FDIC).
The regional lender added that the fair value estimate primarily includes $24.9 billion in cash and cash equivalents and $11.7 billion in loans and leases.
The company also incurred liabilities with an estimated fair value of $35.7 billion, primarily including $33.5 billion in customer deposits, according to NYCB.