{"id":9961,"date":"2023-05-17T11:42:39","date_gmt":"2023-05-17T15:42:39","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/new-york-community-bancorp-says-fdic-will-sell-shares-held-by-signature-banks-replacement-bank\/"},"modified":"2023-05-17T11:42:39","modified_gmt":"2023-05-17T15:42:39","slug":"new-york-community-bancorp-says-fdic-will-sell-shares-held-by-signature-banks-replacement-bank","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9961","title":{"rendered":"New York Community Bancorp says FDIC will sell shares held by Signature Bank\u2019s replacement bank"},"content":{"rendered":"
\n

Flagstar Bank parent New York Community Bancorp Inc.
\n NYCB,
\n +6.68%<\/bg-quote>
\n on Tuesday said that the FDIC had agreed to sell 39 million company shares currently owned by the institution that the agency set up in place of the recently-failed Signature Bank. That financial institution, Signature Bridge Bank N.A., which the FDIC created in March to handle the failed bank\u2019s operations, will get all the proceeds from the offering. The offering comes after Flagstar, a regional bank, scooped up billions of the Signature successor bank\u2019s deposits, loans and cash from from the FDIC in March. Before the proposed offering, Signature Bridge Bank owned the 39 million shares via an \u201cEquity Appreciation Instrument\u201d \u2014 issued to it by New York Community Bancorp as part of the asset purchase in March \u2014 initially intended to allow the FDIC to participate in NYCB stock gains. Under the terms of that instrument, Signature Bridge Bank \u201cagreed to use all reasonable efforts to sell the shares it owns by no later than June 8, 2023 and the Company agreed to use reasonable efforts to facilitate such a sale.\u201d Flagstar Bank runs 435 bank branches in the Northeast and Midwest, as well as in the Southeast and the West Coast. Shares of New York Community Bancorp rose 1.9% after hours. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Flagstar Bank parent New York Community Bancorp Inc. NYCB, +6.68% on Tuesday said that the FDIC had agreed to sell 39 million company shares currently owned by the institution that the agency set up in place of the recently-failed Signature Bank. That financial institution, Signature Bridge Bank N.A., which the FDIC created in March to […]<\/p>\n","protected":false},"author":1,"featured_media":1383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-9961","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nNew York Community Bancorp says FDIC will sell shares held by Signature Bank\u2019s replacement bank | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Flagstar Bank parent New York Community Bancorp Inc. 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