New York Community Bank to buy failed Signature Bank

( ) -q-20- UNDATED (Correspondent Jeremy House) “a week ago.”

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal.

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TAG: Corresspondent Jeremy House reporting. The FDIC says it expects Signature Bank’s failure to cost the deposit insurance fund $2.5 billion, but that figure may change as the regulator sells off assets.

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VERBATIM: The FDIC says as of Monday, the 40 branches of Signature Bank will become Flagstar Bank. Flagstar is one of New York Community Bank’s subsidiaries. The deal will include the purchase of $38.4 billion in Signature Bank’s assets, a little more than one-third of Signature’s total when the bank failed a week ago.