New York Community Bank shares are up on Monday after the company announced it would purchase financial and strategic complimentary assets from Signature Bridge Bank for roughly $38 billion.
The purchase will not include digital asset banking, crypto-related assets or deposits, nor did New York Community Bancorp acquire loans or deposits related to the fund banking business.
New York Community Bancorp is acquiring approximately $38 billion of assets, including $25 billion of cash and roughly $13 billion in loans., New York Community will work on an agreement to sub-service the legacy Signature multifamily, commercial real estate and other loans it did not acquire. In a statement issued by New York Community Bankcorp on Monday, president and CEO Thomas Cangemi, said, "This transaction continues our transformation from a predominantly multi-family lender to a diversified full-service commercial bank."
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