New York Community Bank to buy failed Signature Bank
1 year, 9 months ago

New York Community Bank to buy failed Signature Bank

Associated Press  

NEW YORK — New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The deal will include the purchase of $38.4 billion in Signature Bank’s assets, a little more than a third of Signature’s total when the bank failed a week ago. After Silicon Valley Bank failed, depositors became nervous about Signature Bank’s health due to its high amount of uninsured deposits as well as its exposure to crypto and other tech-focused lending. 7d12750354af4852a1ac186138dbc20c 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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History of this topic

One year after buying a failed bank, New York Community Bancorp is struggling
9 months, 3 weeks ago

One year after buying a failed bank, New York Community Bancorp is struggling

Associated Press  

A New York bank is under severe pressure Friday close to one year after absorbing a large chunk of another bank 30 miles away that had failed. Shares of New York Community Bancorp plunged after longtime CEO Thomas Cangemi, who has spent much of this year reassuring investors about the bank’s viability, stepped down abruptly and the bank postponed a …

Heads of failed banks refuse to accept blame, defend their pay and bonuses
1 year, 7 months ago

Heads of failed banks refuse to accept blame, defend their pay and bonuses

LA Times  

Gregory Becker, left, former CEO of Silicon Valley Bank, testifies with Scott Shay, former chairman and co-founder of Signature Bank, and Eric Howell, former president of Signature Bank, during a Senate hearing on Capitol Hill on Tuesday. Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, …

The three banks that have failed this year are bigger than the 25 that crumbled in 2008
1 year, 7 months ago

The three banks that have failed this year are bigger than the 25 that crumbled in 2008

Daily Mail  

The three American banks that have failed so far this year are bigger than the 25 that collapsed in 2008, data shows. Officials announced Monday that they have closed San Francisco-based First Republic Bank, making it the third major US bank to collapse in the past two months after Silicon Valley Bank and Signature Bank crumbled in March. Officials announced …

US regulators vow stiffer oversight after SVB, Signature failures
1 year, 7 months ago

US regulators vow stiffer oversight after SVB, Signature failures

Al Jazeera  

Regulators said banks’ managers were primarily to blame for prioritising growth and ignoring basic risks. “SVB’s failure demonstrates that there are weaknesses in regulation and supervision that must be addressed,” Barr said in a letter accompanying a 114-page report supplemented by confidential materials that are typically not made public. “Our experience following SVB’s failure demonstrated that it is appropriate to …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

Associated Press  

NEW YORK — The nation’s largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical failures last month that put the nation’s banking industry into crisis mode, the nation’s biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S. economy that keeps growing and adding jobs …

New York Community Bank to buy chunk of failed Signature Bank
1 year, 9 months ago

New York Community Bank to buy chunk of failed Signature Bank

Firstpost  

The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank’s subsidiaries New York: New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. Flagstar is one of New York Community Bank’s …

New York Community Bank to buy failed Signature Bank for $2.7 billion
1 year, 9 months ago

New York Community Bank to buy failed Signature Bank for $2.7 billion

India TV News  

The New York Community Bank has agreed to buy a significant part of the failed Signature Bank for $2.7 billion, according to the Federal Deposit Insurance Corp. Flagstar is one of New York Community Bank's subsidiaries. UBS to buy Credit Suizze Banking giant Union Bank of Switzerland is all set to buy its smaller rival Credit Suisse in an effort …

New York Community Bank to buy failed Signature Bank
1 year, 9 months ago

New York Community Bank to buy failed Signature Bank

Al Jazeera  

The 40 branches of Signature Bank will become Flagstar Bank, starting Monday, the FDIC said late on Sunday. New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7bn deal, the Federal Deposit Insurance Corp says. The 40 branches of Signature Bank will become Flagstar Bank, starting Monday, the FDIC said in …

Explained: Was Signature Bank a victim of panic after the collapse of Silicon Valley Bank?
1 year, 9 months ago

Explained: Was Signature Bank a victim of panic after the collapse of Silicon Valley Bank?

Firstpost  

Signature Bank’s collapse came stunningly fast, leaving behind the question of whether there was a fundamental flaw in the way it did business — or if it was just a victim of the panic that spread after the failure of Silicon Valley Bank. By the same measure, it was also the third largest US bank to fail, after Washington Mutual’s …

Signature Bank’s demise: Contagion or a problem with the business?
1 year, 9 months ago

Signature Bank’s demise: Contagion or a problem with the business?

Associated Press  

Signature Bank’s collapse came stunningly fast, leaving behind the question of whether there was a fundamental flaw in the way it did business — or if it was just a victim of the panic that spread after the failure of Silicon Valley Bank. There were few outward signs that Signature Bank was crumbling before the New York Department of Financial …

NY bank's demise: Contagion or a problem with the business?
1 year, 9 months ago

NY bank's demise: Contagion or a problem with the business?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. By the same measure, it was also the third …

Signature Bank investigated for criminal activities prior to collapse
1 year, 9 months ago

Signature Bank investigated for criminal activities prior to collapse

Hindustan Times  

US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter. Justice Department investigators in Washington and Manhattan were examining whether the New York bank took sufficient steps to detect potential money laundering by clients — such as scrutinizing people opening accounts and monitoring transactions …

Signature Bank Collapses, Becomes 2nd US Bank to Fail After SVB; Here's What Happened?
1 year, 9 months ago

Signature Bank Collapses, Becomes 2nd US Bank to Fail After SVB; Here's What Happened?

News 18  

VSignature Bank Collapse: US regulators closed New York-based Signature Bank on Sunday, making it the third-largest failure in US banking history. After the Silicon Valley Bank shut down, Signature Bank’s business customers started enquiring if their deposits were safe as they had more than $250,000 in their accounts while the FDIC only assures funds up to $250,000, reported The New …

Signature Bank seized to send banks a message, director says
1 year, 9 months ago

Signature Bank seized to send banks a message, director says

Associated Press  

A regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of Congress who was on the bank’s board says. Former U.S. Rep. Barney Frank said Monday that he believes the state officials behind the action were trying to make an example of Signature …

Regulators close Signature bank, say depositors will be made whole
1 year, 9 months ago

Regulators close Signature bank, say depositors will be made whole

The Hindu  

State regulators closed New York-based Signature Bank on Sunday, days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and left billions of dollars of uninsured deposits belonging to companies and investors stranded. The U.S. Treasury Department and other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will …

New York based Signature Bank shuts down two days after Silicon Valley Bank failure
1 year, 9 months ago

New York based Signature Bank shuts down two days after Silicon Valley Bank failure

Op India  

State regulators in USA shut down New York-based Signature Bank on Sunday, just two days after California authorities closed Silicon Valley Bank, marking the 3rd largest failure in US banking history. Signature Bank, a commercial bank based in New York, Connecticut, California, Nevada, and North Carolina, had nine national business lines, including commercial real estate and digital asset banking. Biden …

US bails out depositors after Signature Bank, SVB closures: Top 10 updates
1 year, 9 months ago

US bails out depositors after Signature Bank, SVB closures: Top 10 updates

Live Mint  

The failure of two regional US banks, Silicon Valley Bank and Signature Bank, had negative consequences for Asian markets. Top updates on Silicon Valley Bank and Signature Bank collapse: 1. Recent failures of SVB Financial Group's Silicon Valley Bank, Silvergate Capital Corporation, and Signature Bank have had negative consequences for the digital-asset market. On Monday, the US dollar fell following …

Biden Says Those Responsible Will Be Held Accountable after Regulators Shut Down Signature Bank
1 year, 9 months ago

Biden Says Those Responsible Will Be Held Accountable after Regulators Shut Down Signature Bank

News 18  

US President Joe Biden said action will be taken against those who were responsible for the banking crisis in the country, shortly after regulators closed Signature Bank, a New York-based regional-size lender. American banking regulators rushed to close the Silicon Valley Bank, a financial institution with more than $200 billion in assets, on Friday. “At my direction, Yellen and my …

No bailout for SVB, US govt to help depositors recover money
1 year, 9 months ago

No bailout for SVB, US govt to help depositors recover money

Live Mint  

NEW YORK : The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down. In an effort to shore up confidence in the banking system, the Treasury …

US government moves to stop potential banking crisis
1 year, 9 months ago

US government moves to stop potential banking crisis

Associated Press  

NEW YORK — The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down. In an effort to shore up confidence in the banking system, the Treasury …

‘Crypto-friendly’ Signature Bank’s closure another blow to industry after SVB, Silvergate collapse
1 year, 9 months ago

‘Crypto-friendly’ Signature Bank’s closure another blow to industry after SVB, Silvergate collapse

Hindustan Times  

The closure of Signature Bank, a lender that counted a number of crypto companies as customers, marks another major setback for digital assets as the industry becomes ever more cut off from the banking system. The Treasury Department said Signature Bank was closed by New York state regulators Sunday and that depositors will have access to their money Monday. He …

US, UK try to stem fallout from Silicon Valley Bank collapse
1 year, 9 months ago

US, UK try to stem fallout from Silicon Valley Bank collapse

Al Jazeera  

US President Joe Biden says banking regulations must be bolstered amid fallout that has rocked global financial markets. The bank’s financial health had been under scrutiny following its announcement of plans to raise $1.75bn in the capital after the loss-making sale of bonds In a brief news conference on Monday, US President Joe Biden sought to dispel concerns, saying “all …

After Silicon Valley Bank, Signature Bank shuts down amid banking turmoil in US
1 year, 9 months ago

After Silicon Valley Bank, Signature Bank shuts down amid banking turmoil in US

India TV News  

After shutting down two banks in last week, New York regulators shut down another significant one in the crypto industry, the Signature Bank. US Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin Gruenberg said in a joint statement that all depositors of Signature Bank 'will be made whole'. Crypto firm Circle …

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