Flagstar Bank Adds Signature Bank to the Family
Flagstar Bank just got a new sibling in town, after acquiring Signature Bank’s assets and branches – although, there was one small caveat.
Goodbye Crypto…For Now!
Unfortunately, Flagstar Bank’s acquisition deal stipulated that Signature Bank’s cryptocurrency operations be left out of the deal. This means all the bitcoin-loving hipsters will have to look elsewhere when trying to line their pockets with crypto gold.
So, What Do We Know?
Here are the highlights we know about the deal:
- It’s Big Time: Flagstar Bank has acquired $2.5 billion of Signature Bank’s assets and branches.
- It’s Expensive: Flagstar Bank will pay a whopping $295 million for Signature Bank’s assets and branches.
- It’s Not Just Money: Flagstar Bank will also absorb Signature Bank’s 188 employees.
- It’s a Win: Flagstar Bank’s acquisition adds two new branches in NYC, plus another five branches around the tri-state area.
This deal means that Flagstar Bank is diving head first into the fast-paced world of banking, expanding their operation considerably.
What am I Doing Here?
You may be asking yourself what Flagstar Bank sees in the acquisition deal? Well, acquiring Signature Bank’s assets and branches allows Flagstar Bank to expand its reach into NYC, one of the banking capitals of the US.
It also gives Flagstar Bank access to a flourishing deposit base and trust business, plus a direct loan book. That’s not to mention the 188 employees of Signature Bank that are set to become new members of the Flagstar Bank family.
The acquisition deal is expected to be completed by the end of 2019. Once the deal is official, Flagstar Bank will have over 260 branches across the US – and the crypto industry will still have one less hipster fan in its midst.
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