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
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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.

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