The failing Signature Bank will be purchased by New York Community Bank


New York Community Bank has agreed to purchase the assets and deposits of Signature Bank, a failed financial institution based in New York. The acquisition marks the second time this year that New York Community Bank has stepped in to purchase the assets of a failed bank. This transaction is expected to be completed by the end of the year.

New York Community Bank will acquire all of Signature Bank’s deposits and selected assets, including its branch network, at a premium of 1.1 percent. The purchase price is expected to be around $130 million. This acquisition is expected to add nearly $1.2 billion in deposits to New York Community Bank’s existing balance sheet.