Signature Bank Assets Sold to Subsidiary of New York Community Bancorp

Much of what was once Signature Bank of New York is under new ownership, the Federal Deposit Insurance Corporation said Sunday. The move comes just one week after the bank was shut down by regulators.

Starting Monday, Signature Bank’s 40 branches will operate under Flagstar Bank, a subsidiary of

New York Community Bancorp

(ticker: NYCB), the FDIC said Sunday. The FDIC added that all deposits assumed by Flagstar will be insured by the FDIC up to its insurance limit of $250,000. Flagstar’s bid omitted $4 billion worth of deposits tied to Signature’s Digital banking business. The FDIC said it would provide those deposits to customers directly.