FDIC: JPMorgan Chase Bank of Columbus, OH Assumes All the Deposits of First Republic Bank, San Francisco, CA
First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits…
FDIC: Report Released Detailing Supervision of the Former Signature Bank, New York, NY
Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of Signature Bank, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023. The internal review report identifies the causes of Signature Bank’s failure and assesses the FDIC’s supervision of…
Federal Reserve: Results from the Review of the Supervison and Regulation of Silicon Valley Bank Announced
The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank’s failure: Silicon Valley Bank’s board of directors and management failed to manage their…
FDIC: Financial Advisor Retained to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA
The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships. The face values of the two portfolios are approximately $27 billion and $87 billion, respectively. The securities…
FDIC: Upcoming Sale of the Loan Portfolio from the Former Signature Bank, New York, NY Announced
The Federal Deposit Insurance Corporation (FDIC) today announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. The portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of single–family residential loans. The…
FDIC: First–Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., from the FDIC
The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First–Citizens Bank & Trust Company, Raleigh, North Carolina. The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday,…
FDIC: Bid Window Extended for Silicon Valley Bridge Bank, N.A.
Agency Will Continue to Operate the Bridge Bank while Exploring Strategic Options The Federal Deposit Insurance Corporation (FDIC) has extended the bidding process for Silicon Valley Bridge Bank, National Association, Santa Clara, California. There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in…
OCC: Flagstar Bank, N.A. Receives Conditional Approval to Purchase and Assume Deposits of Signature Bridge Bank, N.A.
The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved Flagstar Bank, N.A., Hicksville, New York, to purchase assets and assume certain liabilities of Signature Bridge Bank, N.A., New York, New York. The transaction includes the purchase by Flagstar Bank of certain loan portfolios from Signature Bridge Bank, N.A.,…
FDIC: Flagstar Bank, N.A., a Subsidiary of New York Community Bancorp, Inc., to Assume Deposits of Signature Bridge Bank, N.A., from the FDIC
The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association, by Flagstar Bank, National Association, Hicksville, New York, a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, New York. The 40 former branches of Signature Bank…
FDIC: New FIL Clairifies Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks
In recent days, the FDIC has established two bridge banks, Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., to assume the deposits and obligations of two failing banks. All contracts entered into with banks before they failed, and their counterparties were transferred into the bridge bank by the FDIC as receiver. Accordingly, vendors…