A subsidiary of New York Community Bancorp has reached an agreement with US regulators to purchase deposits and loans from Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced Sunday.

“The Federal Deposit Insurance Corporation entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association, by Flagstar Bank, National Association, Hicksville, New York, a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, New York,” the statement said.

“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. Customers of Signature Bridge Bank, N.A., should continue to use their current branch until they receive notice from the assuming institution that full-service banking is available at branches of Flagstar Bank, N.A.”

Two American banks collapsed in a week as the FDIC took control of Silicon Valley Bank (SVB) on March 10 and Signature Bank two days later.​​​​​​​

President Joe Biden urged Congress on Friday to take action to hold senior bank executives accountable. (Anadolu Agency)