New York Community Bancorp (NYCB) announced on Thursday its acquisition of assets from the failed Signature Bank, totaling an estimated fair value of $37.8 billion. This significant acquisition includes $24.9 billion in cash and cash equivalents and $11.7 billion in loans and leases. The transaction was facilitated through NYCB’s subsidiary, Flagstar Bank, which had assumed most of Signature Bank’s deposits and a portion of its loan portfolios from the Federal Deposit Insurance Corporation (FDIC) in March 2023.
In addition to the assets, NYCB also assumed liabilities with an estimated fair value of $35.7 billion, mainly comprising $33.5 billion in customer deposits. This strategic acquisition is expected to enhance NYCB’s financial position, providing a substantial boost to its liquidity and lending capabilities. The move underscores NYCB’s commitment to expanding its footprint and strengthening its market presence in the regional banking sector.