A subsidiary of New York Community Bank has acquired Signature Bank

ChainCatcher News, the Federal Deposit Insurance Corporation (FDIC) announced that one week after the bankruptcy of Signature Bank, it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank. Starting Monday, 40 branches of Signature Bank will operate as Flagstar Bank. Signature's customers can conduct banking on Monday without making any changes.

New York Community Bank purchased nearly all of Signature's deposits and company assets valued at $38.4 billion. This includes Signature's $12.9 billion in loans. It is reported that New York Community Bank bought these loans at a very low discount, paying only $2.7 billion. Additionally, New York Community Bank also paid for FDIC stock valued at up to $300 million. (CNN)