OCC Approves Signature Bank's Acquisition of Certain Assets of Signature Bank

The U.S. Office of the Comptroller of the Currency approved Flagstar Bank to acquire some assets and assume certain liabilities of Signature Bank Transition Bank. The transaction includes the purchase of a loan portfolio with a total value of $12.9 billion and the assumption of $34 billion in deposits. The Office of the Comptroller of the Currency has attached conditions, including requiring Flagstar to allocate appropriate resources for the acquired assets and liabilities and to obtain a non-objection from the regulator before paying interest to shareholders.