This Bank Is Buying Signature Bank Assets. Its Stock Is Soaring.

Much of what was once Signature Bank of New York is being acquired by a subsidiary of New York Community Bancorp, the Federal Deposit Insurance Corp. said Sunday, one week after the bank was shut down by regulators. New York Community Bancorp stock is soaring.

Starting Monday, Signature Bank’s 40 branches will operate under Flagstar Bank, a subsidiary of New York Community Bancorp (ticker: NYCB), the FDIC said Sunday. The FDIC added that all deposits assumed by Flagstar will be insured by the FDIC up to its insurance limit of $250,000. Flagstar’s bid omitted $4 billion worth of deposits tied to Signature’s Digital banking business. The FDIC said it would provide those deposits to customers directly.

Source: finance.yahoo.com