New York Community Bank has agreed to acquire a significant portion of the failed Signature Bank for $2.7 billion, according to the Federal Deposit Insurance Corp. The deal will include the purchase of $38.4 billion in Signature Bank’s resources, with the bank’s 40 branches becoming Flagstar Bank as of Monday. The remaining loans will remain in receivership and are expected to be sold off in due course. Signature Bank was the second bank to fail in the current financial crisis. The deposit insurance fund is expected to pay $2.5 billion in light of its failure, with taxpayers not directly affected by the loss.

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