New York Community Bank to buy failed Signature Bank in £2.2 billion deal

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a 2.7 billion dollar (£2.2 billion) deal, the Federal Deposit Insurance Corp (FDIC) said late on Sunday (Seth Wenig/AP)

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a 2.7 billion dollar (£2.2 billion) deal, the Federal Deposit Insurance Corp (FDIC) said late on Sunday.

The 40 branches of Signature Bank will become Flagstar Bank, starting on Monday.