Signature Bank’s deposits and loans are being sold to Flagstar Bank by the U.S. Federal Deposit Insurance Corporation (FDIC)
Flagstar is a subsidiary of New York Community Bancorp. Silvergate’s crypto-related deposits will not be part of the deal.
The deal will see $38.4 billion worth of non-cryptocurrency-related deposits and $12.9 billion in loans taken over by the Michigan-based Flagstar under a “purchase and assumption agreement."
As part of the deal, Signature’s Bank 40 branches will begin operating as Flagstar Bank, where all deposits assumed by Flagstar Bank will continue to be insured up until the $250,000 insurance limit.