New York Community Bancorp to Acquire Most of Signature Bank -- Shares Are Surging
Shares of New York Community Bancorp (NYSE: NYCB) had shot up nearly 32% as of 9:38 a.m. ET today after the bank and the Federal Deposit Insurance Corporation (FDIC) announced that NYCB would take over certain parts of Signature Bank (NASDAQ: SBNY).
As many now know, Signature Bank was closed by state banking regulators on March 11 after the bank experienced significant deposit outflows and regulators lost confidence in management.
NYCB in its announcement noted that the bank only acquired "certain financially and strategically complementary parts" of Signature, including $38 billion of assets, $25 billion of which is cash, and roughly $13 billion of loans. The deal does not include Signature's crypto business or its fund banking business, which had been lending to private equity and venture capital firms.
Source Fool.com
