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A unit of New York Neighborhood Bancorp has agreed to purchase “considerably all” deposits and a few mortgage portfolios of the collapsed Signature Financial institution, the US federal deposit company introduced on Sunday.

From Monday, Flagstar Financial institution will purchase 40 former Signature branches, which will probably be rebranded below its identify, the Federal Deposit Insurance coverage Company mentioned.

The transaction included the acquisition of about $38.4bn of Signature property, together with loans of $12.9bn bought at a reduction of $2.7bn, FDIC mentioned.

The acquisitions by Troy, Michigan-based Flagstar didn’t embrace $4bn in Signature’s digital deposits.

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