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.

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