The FDIC said it has made a deal with Flagstar Bank to buy crypto deposits and loan portfolios from Signature Bank.
Starting today, the 40 locations formerly operated by Signature Bank will now be Flagstar Bank branches. Customers of Signature Bank should stick to their current branch until they get a notification from Flagstar Bank that their services are available.
The FDIC will handle the $4 billion in crypto asset deposits from Signature’s “digital banking” business and give them directly to the customers involved.
People who have deposits with Signature Bank, except for those related to digital banking, will now have their deposits with Flagstar Bank. These deposits are still insured by the FDIC, meaning they will be protected up to a certain limit.
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