News

UBS shares open down 14% after Credit Suisse deal

A unit of New York Community Bancorp has agreed to buy “substantially all” deposits and some loan portfolios of the collapsed Signature Bank, the US federal deposit agency announced on Sunday.

From Monday, Flagstar Bank will acquire 40 former Signature branches, which will be rebranded under its name, the Federal Deposit Insurance Corporation said.

The transaction included the purchase of about $38.4bn of Signature assets, including loans of $12.9bn purchased at a discount of $2.7bn, FDIC said.

The acquisitions by Troy, Michigan-based Flagstar did not include $4bn in Signature’s digital deposits.

Articles You May Like

MSRB to seek comment on Form A-12
Bitcoin just completed its fourth-ever ‘halving,’ here’s what investors need to watch now
US lawmakers approve aid to Ukraine and Israel after months of delay
Democrats back Republican Speaker’s plan to advance US aid to Ukraine
Investors to see $13B new-issue calendar amid challenging market