New York & Tri-State + Tri-State + Finance | March 20, 2023

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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