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A unit of New York Group 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 shall be rebranded below its identify, the Federal Deposit Insurance coverage Company mentioned.

The transaction included the acquisition of about $38.4bn of Signature belongings, 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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