Buyers sought for Signature Bank's $33 bln CRE portfolio [Reuters]
New York Community Bancorp, Inc. (NYCB)
Last new york community bancorp, inc. earnings: 4/29 07:00 am
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Source: Reuters
The majority of the portfolio comprises multi-family properties primarily located in New York City, the regulator said, adding that it would be marketing the asset over the next three months. The FDIC has been seeking to sell off portions of Signature, one of three larger banks that failed in the spring, since the bank was closed in March after an exodus of depositors seeking higher returns and safer institutions. Later that month New York Community Bancorp (NYCB.N) agreed to a deal with the FDIC to buy most deposits and certain loan portfolios along with all 40 of Signature's former branches. Within the CRE portfolio is about $15 billion of loans secured by residences that are rent stabilized or controlled. Since the FDIC has a legal obligation to preserve existing affordable housing for lower-income people, the agency said it planned to place all those loans within joint ventures in which FDIC would retain a majority equity interest. Any winning bidders for those ventures
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