Flagstar Bank Buys Signature Bank, Crypto Business Not Included
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 Takes Over Signature, Minus Its Crypto Business
Following an unsuccessful first attempt by the FDIC to find a buyer for Signature Bank, the latter placed in receivership by the fiscal authority will be bought out by Flagsta Bank – a subsidiary of New York Community Bancorp, Inc.
New York Community Bancorp Unit to Assume Signature Bank Deposits, FDIC says
A unit of New York-based New York Community Bancorp has agreed to purchase and assume all deposits and certain loan portfolios of Signature Bridge Bank, which was created last week by the Federal Deposit Insurance Corporation (FDIC) to replace failed Signature Bank, the agency said on Sunday. Starting on Monday, the 40 former branches of Signature Bank will operate under Flagstar Bank, a subsidiary of New York Community Bancorp, according to the statement. (forkast)
Midsize US Banks Ask Regulators to Extend FDIC Insurance to All Deposits for 2 Years Before Another Bank Fails
The Mid-Size Bank Coalition of America has asked federal regulators to extend FDIC insurance to cover all deposits for the next two years. “Doing so will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of more bank failures,” the group claimed. “It is imperative we restore confidence among depositors before another bank fails, avoiding panic and a further crisis.” (Bitcoin.com)
Subsidiary of New York Community Bancorp, Inc., To Assume Deposits of Signature Bridge Bank, N.A., From the FDIC
The 40 former branches of Signature Bank will operate under New York Community Bancorp's Flagstar Bank, N.A., on Monday, March 20, 2023. The branches will open during their normal business hours.
US Lawmaker Urges Government To Guarantee All Deposits To Avoid Runs on Smaller Banks
A U.S. congressman has urged the federal government to temporarily insure every bank deposit in the country. Following the collapses of several major banks, he stressed that if the government does not do this, there will be a run on smaller banks. “This is a contagion that could be spread across the entire banking system,” he warned.
Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket
Google Trends data on March 19, 2023, 30-day statistics, worldwide for the search term “bank failure.”
Signature Bank Deposits To Be Assumed by New York Community Bank Unit: FDIC
All deposits held by former Signature Bank (now Signature Bridge Bank) will be assumed by Flagstar Bancorp, N.A., a subsidiary of New York Community Bank, as of Monday under a purchase and assumption agreement, the FDIC said in a press release on Sunday U.S. time.
SBF Shilled FTX Risk Model to FDIC Chairman Gruenberg Prior Collapse
Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down around allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs. Long before FTX collapsed, an allegedly leaked email exchange with a top regulator shows SBF’s intent to get the exchange federally regulated.
US Midsize Banks Seek FDIC Insurance on ‘All Deposits’ for 2 Years
According to a March 18 Bloomberg report, the MBCA – a coalition of mid-size U.S. banks – sent a letter to the U.S. Federal Deposit Insurance Corporation (FDIC) asserting that extending insurance on "all deposits" would “immediately halt the exodus” of deposits from smaller banks.
