Federal Deposit Insurance Corporation to sell Signature Bank's loan portfolio

Updated : Apr 04, 2023 15:13
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Editorji News Desk

The Federal Deposit Insurance Corp. has announced the plans to start marketing a $60 billion loan portfolio of Signature Bank. The FDIC had retained the portfolio in receivership following the collapse of the bank. 

In a statement, the FDIC said that, it will begin the sale process later this summer. The statement also mentioned that the portfolio includes mainly commercial real estate (CRE) loans, commercial loans and a small pool of single–family residential loans. The CRE loans include a concentration of multifamily properties, mostly in New York City. 

As per Bloomberg, the FDIC is reviewing the CRE loans secured by multifamily residences that are rent stabilized or rent controlled. For those loans, the FDIC plans to reach out to state and local government agencies and community–based organizations to seek their input over the planned sale.

The FDIC has retained Newmark & Company Real Estate Inc as an advisor on the sale. On March 19th, a unit of New York Community Bancorp entered into an agreement with US regulators to buy deposits and loans from Signature Bank.

 

Signature Bank

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