In a recent development in the banking industry, the Federal Deposit Insurance Corporation (FDIC) has entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association, by Flagstar Bank, National Association, a wholly owned subsidiary of New York Community Bancorp, Inc.

This acquisition was completed on Monday, March 20, 2023, with the 40 former branches of Signature Bank set to operate under New York Community Bancorp’s Flagstar Bank, N.A.

Depositors of Signature Bridge Bank, N.A., other than cash depositors related to the digital-asset banking businesses, will automatically become depositors of the assuming institution. All deposits assumed by Flagstar Bank, N.A., will continue to be insured by the FDIC up to the insurance limit. The FDIC estimates the cost of the failure of Signature Bank to its Deposit Insurance Fund to be approximately $2.5 billion. The exact cost will be determined when the FDIC terminates the receivership.

This acquisition was necessitated by the closure of Signature Bank, New York, New York, by the New York State Department of Financial Services. Signature Bridge Bank, N.A. was created by the FDIC on March 12, 2023, to take over the operations of Signature Bank.

As of December 31, 2022, the former Signature Bank had total deposits of $88.6 billion and total assets of $110.4 billion. Today’s transaction included the purchase of about $38.4 billion of Signature Bridge Bank, N.A.’s assets, including loans of $12.9 billion purchased at a discount of $2.7 billion. Approximately $60 billion in loans will remain in the receivership for later disposition by the FDIC.

The acquisition by Flagstar Bank, N.A. did not include approximately $4 billion of deposits related to the former Signature Bank’s digital-assets banking business. The FDIC will provide these deposits directly to customers whose accounts are associated with the digital-asset banking businesses. Questions may be directed to (866) 744-5463.

As part of the agreement, the FDIC received equity appreciation rights in New York Community Bancorp, Inc. common stock with a potential value of up to $300 million. This acquisition has put the FDIC in a better position to manage the receivership of Signature Bank and recover some of the costs incurred by the failure of the bank.

The acquiring institution, Flagstar Bank, N.A., has assured customers of Signature Bridge Bank, N.A. that their banking services will not be disrupted and that they should continue to use their current branch until they receive notice from the assuming institution that full-service banking is available at branches of Flagstar Bank, N.A. This acquisition has put the FDIC in a better position to manage the receivership of Signature Bank and recover some of the costs incurred by the failure of the bank.

#FDIC #SignatureBank #Flagstar #SVB #azcoinnews

This article was republished from azcoinnews.com

To safeguard all depositors at #SVB in Santa Clara, California, the Federal Deposit Insurance Corporation (FDIC) has taken action. All deposits, both insured and uninsured, and nearly all assets have been moved to a brand-new, fully functional "bridge bank" run by the FDIC.

This morning, the brand-new #SiliconValley Bank, N.A., will reopen and resume regular banking operations, including online banking. Customers of Silicon Valley Bank, N.A. will automatically include depositors and borrowers. and have check writing, ATM, and debit card access to their money. The transfer of all deposits was completed under the systemic risk exception allowed on March 12, 2023.

Tim Mayopoulos was appointed CEO of Silicon Valley Bank, N.A. by the FDIC. He previously held the positions of president of Blend Laboratories, Inc. and president and CEO of the Federal National Mortgage Association. This will enhance recoveries for creditors and the Deposit Insurance Fund, safeguard depositors, and maintain the value of Silicon Valley Bank's assets and operations (DIF).

The purpose of the bridge bank structure is to "bridge" the time between a bank's failure and the point at which the #FDIC can stabilize the organization and put an orderly resolution in place. Senior management has been fired, and holders of some unsecured debt will not be protected. A special assessment on banks will be used to recoup any losses to the DIF from supporting uninsured depositors, as required by law.

All Qualified Financial Contracts of the defunct bank were also transferred to the bridge bank by the receiver for Silicon Valley Bank. By taking this step, depositors will be guaranteed complete access to their funds and be shielded from any damages resulting from Silicon Valley Bank's bankruptcy.

Recently, there has been some buzz in the cryptocurrency community about Vitalik Buterin, the co-founder of Ethereum, selling off some of his altcoin holdings. Specifically, it has been reported that Buterin dumped altcoins worth 220 ETH, or roughly $1.2 million, in a single transaction. This news has sparked speculation about why Buterin would choose to sell off such a significant amount of his holdings, and what this might mean for the future of altcoins and the broader cryptocurrency market.

First, it is worth noting that Buterin has been a vocal critic of many altcoins in the past. In a 2018 interview with Bloomberg, he stated that “there’s been a lot of scams, and a lot of projects that never had a hope of actually succeeding.” Given this background, it is perhaps not surprising that he would choose to sell off some of his holdings in altcoins that he no longer believes in.

At the same time, it is worth noting that Buterin has not sold off all of his altcoin holdings, nor has he given any indication that he plans to do so in the future. In fact, he recently tweeted that he still holds significant amounts of DOGE, SHIB, AKITA, and other meme coins, which suggests that his decision to sell off some of his holdings was not a reflection of his broader attitude towards altcoins.

So, what might have motivated Buterin to sell off some of his altcoin holdings? There are a few potential explanations. One is that he simply wanted to cash in on some of his gains, especially given the recent surge in altcoin prices. Another is that he wanted to distance himself from projects that he no longer believed in or that he believed were fundamentally flawed. And finally, it is possible that he needed the funds for personal or business reasons.

Regardless of his motivations, it is clear that Buterin’s decision to sell off some of his altcoin holdings has attracted a great deal of attention. Some investors may see this as a sign that altcoins are overvalued and that it is time to cash out, while others may interpret it as a positive development that suggests Buterin is taking a more cautious approach to investing in the cryptocurrency space.

Ultimately, it is difficult to say what the long-term implications of Buterin’s decision will be. Altcoins have been incredibly volatile in recent months, with some experiencing massive gains while others have lost significant value. It is possible that Buterin’s decision to sell off some of his holdings will be seen as a signal by other investors to do the same, which could lead to a further decline in altcoin prices. On the other hand, it is also possible that the market will continue to be driven by other factors, such as institutional adoption, regulatory changes, or new technological developments.

Regardless of what happens, it is clear that the cryptocurrency market is still evolving rapidly, and that investors need to be prepared for the possibility of significant volatility and unexpected developments. Whether or not Buterin’s decision to sell off some of his altcoin holdings is a harbinger of things to come remains to be seen, but it is certainly worth paying attention to as the market continues to evolve.

#ETH #BTC #SVB #Binance #Altcoin

Digi are stoked to reveal our awesome rebranding! They got new names, a new logo, a new website, a new domain, and a whole new identity! Their team been working super hard to create a fresh and modern look that reflects the ever-changing nature of our Metaverse and the needs of our community.

New Name and Logo

As part of our rebranding efforts, they chosen to update our name and logo to reflect our commitment to innovation and progress. The team believe that a shorter, simpler name will be easier to remember and more reflective of our forward-thinking approach. Our new logo is a bold and modern take on our previous design, featuring a sleek and simple wordmark that’s easy to recognize and remember.

New Website and Domain

The team have undertaken a comprehensive project to rebrand and reposition our business. This involves not only a name and logo change but also a complete overhaul of thier website.

Team are proud to announce that we have acquired a new domain- digi.fun, which will significantly enhance our presence.

The new website will feature an updated design, improved navigation, and user-friendly features that will make it easier for our customers to engage with us. In addition to this, we will be introducing new products and services that are tailored to meet the evolving needs of our community. All of these efforts are aimed at strengthening they brand and providing a better experience for Community.

New Auth system and the Portal

Digi Portal will serve as a central hub for users to manage and engage with their digital assets within the Digi ecosystem. It will be accessible to both web2 and web3 users, allowing users to log in with or without a wallet, depending on their preferences and familiarity with blockchain technology.

Once logged in, users will be able to view and manage their in-game assets, as well as access a range of other features and functions. These may include your DEX, dual model marketplace, name services, and content launch platform, and etc. By integrating these features into the portal, Digi will provide users with a convenient and seamless way to access and interact with the various components of the Digi ecosystem.

New Roadmap and Mission

2023 — Q1

Rebranding Event

Launch of Digi Portal V1

Release of Digi Bound System

Pre-registration for Penguin Island

2023 — Q2

Launch of Digi Portal V2

Release of Penguin Island Season 1

2023 — Q3

Release of Penguin Island Season 2

Whitelist for DigiLand

Launch of DigiAvatar Center

2023 — Q4

Release of Penguin Island Season 3

Minting for DigiLand

Launch of DigiChain

Launch of Digi Dual Marketplace

The Team can’t wait for you to check new look for DIGI ! Head on over to the website to learn more about the rebranding initiative and the commitment to providing top-notch products and services to the awesome community. Thanks for your continued support and trust in Digi!

Twitter : @Digi_Metaverse

Discord : https://discord.gg/digination

#BTC #buildtogether #Metaverse #SVB #BullRun