New York Community Bancorp taking over failed Signature Bank

ByEyewitness News WABC logo
Monday, March 20, 2023
New York Bancorp taking over failed Signature Bank
New York Bancorp is taking over failed Signature Bank.

NEW YORK (WABC) -- ABC News has learned the Federal Reserve was aware of risks to Silicon Valley Bank for more than a year before its collapse.

Starting on Monday, New York Community Bancorp's Flagstar bank will take over 40 former branches of the now-failed Signature Bank.

Flagstar will assume most of Signature Bank's deposits.

The agreement does not include $4 billion linked to Signature's crypto business.

7 ON YOUR SIDE: How to foil check washing fraud before it costs you thousands

How to avoid check washing fraud and mail your checks in the mail safely.


* Get Eyewitness News Delivered

* More New York City news

* Send us a news tip

* Download the abc7NY app for breaking news alerts

* Follow us on YouTube

Submit a tip or story idea to Eyewitness News

Have a breaking news tip or an idea for a story we should cover? Send it to Eyewitness News using the form below. If attaching a video or photo, terms of use apply.