The Federal Deposit Insurance Corporation (FDIC) has 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, N.Y., a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, N.Y.
The Sunday announcement addresses one of two failed banks the FDIC is holding under receivership. The announcement does not refer to Silicon Valley Bank.
The 40 former branches of Signature Bank will operate under New York Community Bancorp's Flagstar Bank, N.A., on Monday, March 20. 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.
