“(Reuters) -Regional U.S. bank shares sank on Wednesday, dragged down by a 46% plunge in the shares of New York Community Bancorp after it cut its dividend and posted a surprise loss.”

Jan 31 2024

“Nothing to see here. Please disperse!” Detective Sergeant Frank Drebin

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March 19, 2023: The FDIC announces that it has reached an agreement with New York Community Bancorp ($NYCB), the parent company of Flagstar Bank, to sell most of Signature Bank’s deposits and loans. Flagstar Bank will assume all of Signature Bank’s deposits, except $4 billion related to its digital banking business, which will be returned to the customers directly by the FDIC. Flagstar Bank will also purchase $38.4 billion of Signature Bank’s assets, including $12.9 billion of loans that were acquired at a discount of $2.7 billion. The FDIC will retain $60 billion of loans related to Signature Bank’s digital banking business, which will be disposed of later. As part of the deal, the FDIC will receive equity appreciation rights in NYCB’s stock worth up to $300 million. The transaction will make Flagstar Bank the 15th largest bank in the U.S., with over $200 billion in assets and $160 billion in deposits. The FDIC estimates the cost of Signature Bank’s failure at $2.5 billion, which will be covered by the proceeds from the sale and the equity appreciation rights. 🔥

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