OCC Conditionally Approves Flagstar Bank, N.A. to Purchase and Assume Deposits of Signature Bridge Bank, N.A. — 2023-03-20

WASHINGTON—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., that total $12.9 billion and the assumption of $34 billion in deposits. The OCC imposed conditions on the approval, including to require Flagstar Bank to allocate appropriate resources to the assets and liabilities acquired, and to require a supervisory non-objection prior to paying a dividend to shareholders. Signature Bank, New York, New York, was closed on March 12, 2023, by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.