NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n
Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Late Sunday, FDIC announced<\/a> that the New York Community Bancorp\u2019s subsidiary, Flagstar Bank, will take over most of the assets and deposits of Signature Bridge Bank, excluding Signet.<\/p>\n\n\n\n See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Late Sunday, FDIC announced<\/a> that the New York Community Bancorp\u2019s subsidiary, Flagstar Bank, will take over most of the assets and deposits of Signature Bridge Bank, excluding Signet.<\/p>\n\n\n\n See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite the closure, Signet continued operations under an interim entity, Signature Bridge Bank, created by the FDIC. The network was one of the critical infrastructures besides the Silvergate Exchange Network (SEN) owned by the now-defunct namesake lender, serving notable crypto firms, including Coinbase, Circle, and Paxos.<\/p>\n\n\n\n Late Sunday, FDIC announced<\/a> that the New York Community Bancorp\u2019s subsidiary, Flagstar Bank, will take over most of the assets and deposits of Signature Bridge Bank, excluding Signet.<\/p>\n\n\n\n See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Signature Bank Closed By New York Regulators; Another Big Blow to Crypto Investors<\/a><\/p>\n\n\n\n Despite the closure, Signet continued operations under an interim entity, Signature Bridge Bank, created by the FDIC. The network was one of the critical infrastructures besides the Silvergate Exchange Network (SEN) owned by the now-defunct namesake lender, serving notable crypto firms, including Coinbase, Circle, and Paxos.<\/p>\n\n\n\n Late Sunday, FDIC announced<\/a> that the New York Community Bancorp\u2019s subsidiary, Flagstar Bank, will take over most of the assets and deposits of Signature Bridge Bank, excluding Signet.<\/p>\n\n\n\n See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Signature Bank was the third domino to fall after Silvergate announced a voluntary liquidation of its assets on March 8. Silicon Valley Bank, was placed under the receivership of the Federal Deposit Insurance Corporation (FDIC) on March 10.<\/p>\n\n\n\n See Related:<\/em><\/strong> Signature Bank Closed By New York Regulators; Another Big Blow to Crypto Investors<\/a><\/p>\n\n\n\n Despite the closure, Signet continued operations under an interim entity, Signature Bridge Bank, created by the FDIC. The network was one of the critical infrastructures besides the Silvergate Exchange Network (SEN) owned by the now-defunct namesake lender, serving notable crypto firms, including Coinbase, Circle, and Paxos.<\/p>\n\n\n\n Late Sunday, FDIC announced<\/a> that the New York Community Bancorp\u2019s subsidiary, Flagstar Bank, will take over most of the assets and deposits of Signature Bridge Bank, excluding Signet.<\/p>\n\n\n\n See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to a report<\/a> by the Wall Street Journal, Coinbase users using SigNet for US dollar deposits and withdrawals would not be able to access the services until further notice. However, the exchange is said to be searching for a new partner for the on-off ramp payments.<\/p>\n\n\n\n Signature Bank was the third domino to fall after Silvergate announced a voluntary liquidation of its assets on March 8. Silicon Valley Bank, was placed under the receivership of the Federal Deposit Insurance Corporation (FDIC) on March 10.<\/p>\n\n\n\n See Related:<\/em><\/strong> Signature Bank Closed By New York Regulators; Another Big Blow to Crypto Investors<\/a><\/p>\n\n\n\n Despite the closure, Signet continued operations under an interim entity, Signature Bridge Bank, created by the FDIC. The network was one of the critical infrastructures besides the Silvergate Exchange Network (SEN) owned by the now-defunct namesake lender, serving notable crypto firms, including Coinbase, Circle, and Paxos.<\/p>\n\n\n\n Late Sunday, FDIC announced<\/a> that the New York Community Bancorp\u2019s subsidiary, Flagstar Bank, will take over most of the assets and deposits of Signature Bridge Bank, excluding Signet.<\/p>\n\n\n\n See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n Signature's collapse<\/a> marked the third largest bank failure in the US since the 2008 financial crisis, behind Washington Mutual and Silicon Valley Bank, another crypto-friendly lender also taken over by the FDIC.<\/p>\n\n\n\n Following the shutdown \u2013 which the authorities claim was to protect the financial systems from another collapse \u2013 FDIC promised to make the depositors whole, including those with deposits exceeding the $250,000 insurable limit.<\/p>\n","post_title":"Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"failed-signature-bank-cedes-non-crypto-operations-to-new-york-community-bank-flagstar","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:41","post_modified_gmt":"2023-04-10 07:15:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10502","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Cryptocurrency exchange Coinbase no longer supports Signature Bank\u2019s real-time payment network SigNet, more than a week after the New York regulators closed the lender.<\/p>\n\n\n\n According to a report<\/a> by the Wall Street Journal, Coinbase users using SigNet for US dollar deposits and withdrawals would not be able to access the services until further notice. However, the exchange is said to be searching for a new partner for the on-off ramp payments.<\/p>\n\n\n\n Signature Bank was the third domino to fall after Silvergate announced a voluntary liquidation of its assets on March 8. Silicon Valley Bank, was placed under the receivership of the Federal Deposit Insurance Corporation (FDIC) on March 10.<\/p>\n\n\n\n See Related:<\/em><\/strong> Signature Bank Closed By New York Regulators; Another Big Blow to Crypto Investors<\/a><\/p>\n\n\n\n Despite the closure, Signet continued operations under an interim entity, Signature Bridge Bank, created by the FDIC. The network was one of the critical infrastructures besides the Silvergate Exchange Network (SEN) owned by the now-defunct namesake lender, serving notable crypto firms, including Coinbase, Circle, and Paxos.<\/p>\n\n\n\n Late Sunday, FDIC announced<\/a> that the New York Community Bancorp\u2019s subsidiary, Flagstar Bank, will take over most of the assets and deposits of Signature Bridge Bank, excluding Signet.<\/p>\n\n\n\n See Related:<\/em><\/strong> Failed Signature Bank Cedes Non-crypto Operations To New York Community Bank Flagstar<\/a><\/p>\n\n\n\n \u2018\u2018Flagstar Bank\u2019s bid did not include approximately $4 billion of deposits related to the former Signature Bank\u2019s digital banking business. The FDIC will provide these deposits to customers whose accounts are associated with the digital banking business,\u2019\u2019 <\/em>FDIC said. Since last year, the value of the Signet network dropped from approximately $30 billion to $4 billion following the bear market, per a report by the Financial Times.<\/p>\n\n\n\n Signet\u2019s closure on Coinbase, together with the collapse of SEN, leaves the crypto sector in limbo, considering the duo was operated by crypto-friendly lenders. One of the casualties is USDC stablecoin issuer Circle, which announced<\/a> on March 13 that it \u2018\u2018will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.\u2019\u2019<\/em><\/p>\n","post_title":"Coinbase Halts Support For Signature Bank\u2019s SigNet, Leaving Cryptos In Limbo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"coinbase-halts-support-for-signature-banks-signet-leaving-cryptos-in-limbo","to_ping":"","pinged":"","post_modified":"2023-04-10 17:15:28","post_modified_gmt":"2023-04-10 07:15:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10516","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10502,"post_author":"13","post_date":"2023-03-21 22:22:34","post_date_gmt":"2023-03-21 11:22:34","post_content":"\n Flagstar Bank's parent company, New York Community Bank (NYCB), will take over 'substantially all<\/em>' of the operations of Signature Bank, excluding cryptocurrency deposits, the Federal Deposit Insurance Corporation announced<\/a> Sunday.<\/p>\n\n\n\n The purchase and assumption agreement includes about $38.4 billion in assets and loans worth $12.9 billion sold to Flagstar at a discount of $2.7 billion. FDIC took over the receivership of Signature on March 20 and created a \u2018bridge<\/em>\u2019 institution to facilitate the wind-down process.\u00a0<\/p>\n\n\n\n The estimated cost of the collapse of Signature Bank to the deposit insurance fund stands at about $2.5 billion. $60 billion in loans, according to the press release, would remain under receivership to be disposed of later. For nearly $13 billion in Signature loans, NYCB paid more than $10 billion below the loan's face value of $0.8 per dollar.<\/p>\n\n\n\n Besides, the regulator would receive equity appreciation rights in the New York Community Bank with a potential value estimated at $300 million.<\/p>\n\n\n\n NYCB would reportedly take over the 40 branches of Signature bank and would be rebranded to Flagstar. The takeover does not include Signature's Signet, a crypto division that dropped to $4 billion from $30 billion last year. Instead, FDIC said it seeks to send the assets to account holders and later sell the unit.<\/p>\n\n\n\n
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Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
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Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
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Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
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Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
NYCB Acquires \u2018Substantially All\u2019 Signature Bank\u2019s Operations<\/h2>\n\n\n\n
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
NYCB Acquires \u2018Substantially All\u2019 Signature Bank\u2019s Operations<\/h2>\n\n\n\n
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
NYCB Acquires \u2018Substantially All\u2019 Signature Bank\u2019s Operations<\/h2>\n\n\n\n
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
NYCB Acquires \u2018Substantially All\u2019 Signature Bank\u2019s Operations<\/h2>\n\n\n\n
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
NYCB Acquires \u2018Substantially All\u2019 Signature Bank\u2019s Operations<\/h2>\n\n\n\n
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
ADVERTISEMENT
NYCB Acquires \u2018Substantially All\u2019 Signature Bank\u2019s Operations<\/h2>\n\n\n\n
\n
Signature Bank's Branches To Rename Flagstar<\/h2>\n\n\n\n
