New York Community Bancorp Acquires Signature Bank Assets
New York Community Bancorp, Inc. said Monday it had acquired certain assets and assumed certain liabilities of Signature Bridge Bank from the FDIC. Published reports said the purchase price was a heavily discounted $2.7 billion..
Under terms of the Purchase and Assumption Agreement with the FDIC, the bank:
- Purchased assets of approximately $38 billion, including cash totaling approximately $25 billion and approximately $13 billion in loans; and.
- Assumed liabilities approximating $36 billion, including deposits of approximately $34 billion and other liabilities of approximately $2 billion.
Additionally, the company is working on an agreement to sub-service the legacy Signature multifamily, commercial real estate and other loans it did not acquire.
Pictured: New York Community Bancorp headquarters in Hicksville, NY. Courtesy of KMB Design Group.