Signature was closed by regulators in early March after clients withdrew more than $10 billion in deposits following the collapse of Silicon Valley Bank, another crypto-friendly institution. A week later, the majority of the bank’s assets were acquired by New York Community Bancorp and its subsidiary Flagstar Bank.

However, the assets related to cryptocurrency businesses were left out of the deal. FDIC was left sitting on $4 billion in deposits related to digital assets and wants them out of their hands.

FDIC’s deputy director of communications David Barr told Forbes in a mail exchange that the agency will mail check to the companies that fail to meet the deadline.

“If the customers with deposits not assumed by Flagstar Bank have not moved their money by then, the FDIC will mail a check to their address of record,” said Barr.

The agreement with Flagstar Bank also left FDIC with around $60 billion of Signature Bank’s loans. These assets will most likely be moved in a separate deal for a large discount.

The post FDIC Gives Signature’s Crypto Customers a Deadline to Move Their Funds appeared first on theprimarymarket.com.

As part of the deal, NYCB will acquire 40 Signature Bank branches that will start operating as Flagstar Bank moving forward. The previous Signature account holders won’t be required to make any changes in order to continue using bank services.

Also, NYCB will take on all of Signature Bank’s deposits alongside $38.4 billion in assets and a portion of Signature’s loans, which the buyer got at a major discount. NYCB will pay just $2.7 billion for a piece of a loan portfolio worth $12.9 billion.

FDIC revealed that it kept $60 billion of Signature Bank’s loans in its receivership alongside $4 billion in deposits from the bank’s digital banking business. It intends to continue fielding offers for these assets and expects to sell them at a rate that will come with a $2.5 billion cost for the government.

Silicon Valley Bank, which collapsed several days prior to Signature Bank, failed to get any interest as FDIC tried to sell the bank as a whole. The government agency will now rethink its approach and try to find buyers for particular assets.

The post New York Community Bank Acquires Most of Signature Bank appeared first on theprimarymarket.com.

According to Ackman, the deal is set to be concluded on Monday.

Signature Bank is one of three banks that folded earlier in March. It was closed by regulators after depositors withdrew around 20 billion from their accounts in the wake of the Silicon Valley Bank collapse.

“I am hearing that @BankofAmerica is going to buy Signature Bank on Monday,” wrote Ackman on Twitter. “Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t think this is good for America.”

Reuters reached out to its sources on Friday to verify Ackman’s claims, and the response was that BofA currently doesn’t have any plans to acquire Signature Bank. Both BofA and Signature Bank representatives declined to comment on the rumors.

Following the closure of Signature Bank, which was considered a crypto-friendly financial institution, Federal Reserve stepped in and issued a statement that it would take measures in “a manner that fully protects all depositors.” It also promised that all depositors would have access to their money by Monday.

The post Pershing Square CEO Bill Ackman Says BofA Will Buy Signature Bank appeared first on theprimarymarket.com.

Signature was closed by regulators in early March after clients withdrew more than $10 billion in deposits following the collapse of Silicon Valley Bank, another crypto-friendly institution. A week later, the majority of the bank’s assets were acquired by New York Community Bancorp and its subsidiary Flagstar Bank.

However, the assets related to cryptocurrency businesses were left out of the deal. FDIC was left sitting on $4 billion in deposits related to digital assets and wants them out of their hands.

FDIC’s deputy director of communications David Barr told Forbes in a mail exchange that the agency will mail check to the companies that fail to meet the deadline.

“If the customers with deposits not assumed by Flagstar Bank have not moved their money by then, the FDIC will mail a check to their address of record,” said Barr.

The agreement with Flagstar Bank also left FDIC with around $60 billion of Signature Bank’s loans. These assets will most likely be moved in a separate deal for a large discount.

The post FDIC Gives Signature’s Crypto Customers a Deadline to Move Their Funds appeared first on theprimarymarket.com.

As part of the deal, NYCB will acquire 40 Signature Bank branches that will start operating as Flagstar Bank moving forward. The previous Signature account holders won’t be required to make any changes in order to continue using bank services.

Also, NYCB will take on all of Signature Bank’s deposits alongside $38.4 billion in assets and a portion of Signature’s loans, which the buyer got at a major discount. NYCB will pay just $2.7 billion for a piece of a loan portfolio worth $12.9 billion.

FDIC revealed that it kept $60 billion of Signature Bank’s loans in its receivership alongside $4 billion in deposits from the bank’s digital banking business. It intends to continue fielding offers for these assets and expects to sell them at a rate that will come with a $2.5 billion cost for the government.

Silicon Valley Bank, which collapsed several days prior to Signature Bank, failed to get any interest as FDIC tried to sell the bank as a whole. The government agency will now rethink its approach and try to find buyers for particular assets.

The post New York Community Bank Acquires Most of Signature Bank appeared first on theprimarymarket.com.

According to Ackman, the deal is set to be concluded on Monday.

Signature Bank is one of three banks that folded earlier in March. It was closed by regulators after depositors withdrew around 20 billion from their accounts in the wake of the Silicon Valley Bank collapse.

“I am hearing that @BankofAmerica is going to buy Signature Bank on Monday,” wrote Ackman on Twitter. “Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t think this is good for America.”

Reuters reached out to its sources on Friday to verify Ackman’s claims, and the response was that BofA currently doesn’t have any plans to acquire Signature Bank. Both BofA and Signature Bank representatives declined to comment on the rumors.

Following the closure of Signature Bank, which was considered a crypto-friendly financial institution, Federal Reserve stepped in and issued a statement that it would take measures in “a manner that fully protects all depositors.” It also promised that all depositors would have access to their money by Monday.

The post Pershing Square CEO Bill Ackman Says BofA Will Buy Signature Bank appeared first on theprimarymarket.com.