New York Community Bancorp-owned Flagstar Bank has offered to buy Signature Bank, the crypto-friendly financial institution that was seized by the U.S. Federal Deposit Insurance Corp (FDIC) last week.

Flagstar will assume the majority of Signature bank’s deposits and over one-third of its assets.

According to a press release by the FDIC, it has entered a purchase and assumption agreement for “substantially all deposits” and certain loan portfolios of Signature Bank with Flagstar Bank. As per the agreement, the 40 former branches of Signature Bank will operate under new ownership. 

The FDIC revealed that as of December 31, 2022, Signature Bank had total deposits of $88.6 billion and total assets of $110.4 billion.

The deal with Michigan-based Flagstar included the purchase of about $38.4 billion of Signature Bridge Bank, N.A.’s assets. Flagstar purchased loans of $12.9 billion at a discount of $2.7 billion.