OCC Conditionally Approves Flagstar Bank, N.A. to Purchase and Assume Deposits of Signature Bridge Bank, N.A.
WASHINGTONâThe Office of the Comptroller of the Currency (OCC)
announced today that it has conditionally approved Flagstar Bank, N.
A. , Hicksville, New York, to purchase assets and assume certain
liabilities of Signature Bridge Bank, N. A. , New York, New York.
The transaction includes the purchase by Flagstar Bank of
certain loan portfolios from Signature Bridge Bank, N. A. , that total
$12. 9 billion and the assumption of $34 billion in deposits. The OCC
imposed conditions on the approval, including to require Flagstar Bank
to allocate appropriate resources to the assets and liabilities
acquired, and to require a supervisory non-objection prior to paying a
dividend to shareholders.
Signature Bank, New York, New York,
was closed on March 12, 2023, by the New York State Department of
Financial Services, which appointed the Federal Deposit Insurance
Corporation (FDIC) as receiver. After its appointment as receiver, the
FDIC filed an application with the OCC to establish Signature Bridge
Bank, N. A. , which was approved by the OCC late that day. The FDIC
then transferred substantially all of the assets and liabilities of
Signature Bank to Signature Bridge Bank, N. A. , operated by the FDIC,
as it marketed such assets and deposits to potential bidders.
The FDIC announced on March 19, 2023, that it had entered into
a purchase and assumption agreement with Flagstar Bank N. A. , for
substantially all deposits and certain loan portfolios of Signature
Bridge Bank, N. A. Related Links