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NYCB Discloses Signature Bank's Total Fair Value Was $37.8 Billion – PYMNTS.com

New York Community Bancorp (NYCB) released financial information regarding certain assets it acquired in March. Signature Bridge BankSuccessor to Signature BankFrom the beneficiary of that bank, Federal Deposit Insurance Corporation (FDIC).

A wholly owned subsidiary of NYCB, Flagstar BankThe bank said in an announcement on Thursday (June 13) that it had acquired assets with an estimated total value of $37.8 billion as of the transaction date. Filing Together Securities and Exchange Commission.

NYCB added in the filing that this figure includes $24.9 billion in cash and cash equivalents and $11.7 billion in loans and leases.

Flagstar Bank also assumed liabilities with an estimated market value of $35.7 billion, including $33.5 billion in customer deposits, according to the filing.

Bank Acquired Certain assets of Signature Bank were seized in March 2023, one week after the FDIC assumed management of the failed bank.

Signature Bank is Silicon Valley Bank Then a few days later, another bank Silver Gateannounced that it would liquidate itself.

Regulatory authority Closed Signature Bank In an attempt To avoid a banking crisis, the FDIC Federal Reserve And that U.S. Treasury The closure was announced based on a “systemic risk exception.”

Previously, Signature Bank was downfall Cryptocurrency Platform FTXwas one of the bank’s customers.

Signature Bank, which originally specialized in commercial real estate, Cryptocurrency deposits In 2018, Circle, Coinbase, Kraken and other major cryptocurrency players.

Signature was one of many mid-sized banks to take over after regulators seized Silicon Valley Bank. It found itself The bank is also reeling from its banking bets on the cryptocurrency industry, which began to suffer financial crises in the 1990s. series Implosion.

In April 2023, the FDIC attributed Signature Bank’s failure to “mismanagement” and inadequate Risk management These practices left the company vulnerable to the “contagion effect” caused by the liquidation of Silvergate Bank and the collapse of Silicon Valley Bank.

The FDIC said it was the “root cause” of the bank’s failure.