FDIC sells Signature Financial institution deposits to Flagstar, crypto not included

Solely every week after its collapse, Signature Financial institution’s deposits and loans are set to be offered to Flagstar Financial institution, a subsidiary of New York Group Bancorp (NYSE:) — crypto-related deposits nevertheless, won’t be a part of the deal.

The US Federal Deposit Insurance coverage Company (FDIC) announced the settlement on March 19, which can see $38.4 billion price of non-cryptocurrency-related deposits and $12.9 billion in loans taken over by the Michigan-based financial institution below a “buy and assumption settlement.”

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