Signature Bank, one of the largest banks in the US, has failed, with the FDIC announcing that New York Community Bancorp has purchased substantially all of Signature's deposits and assets worth $38.4 billion. Flagstar Bank, a subsidiary of New York Community Bank, has taken over substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association. The FDIC is working to ensure customers of Signature Bank will have access to their deposits and receive the same level of service.