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AN IMPORTANT NOTE TO OUR CLIENTS:
We would like to thank you for your continued trust and loyalty through these turbulent and challenging times. We could not be more thankful to our family of bankers and support units who worked tirelessly to serve you and your business needs.
We are pleased to announce that Signature Bridge Bank N.A. was acquired Sunday, March 19, 2023 by New York Community Bancorp Inc. (“NYCB”), which is the parent company of Flagstar Bank, N.A (“Flagstar”). Our new name will be Flagstar Bank. This announcement is a significant advantage to you and your business, as it highlights a partnership of like-minded, client-forward institutions. This combination provides significant diversification and strength needed in today’s banking system while further advancing NYCB and Flagstar’s strategic plan to transition to a commercial bank model. It also unites two banks with complementary strategies to create a commercial bank powerhouse.
As part of the transaction $38.4 billion in deposits and $12.9 billion in loans are being acquired by NYCB. Together, we will be one of the largest commercial banks in the country, with a fortress-like balance sheet, strong liquidity, and excellent asset quality metrics. The regulatory approval of the acquisition clearly reflects the strength of the combined institution.
You will continue to be serviced by your Private Client Group in the same client-centric single-point-of-contact strategy that we have been known for over the last two decades. We appreciate there have been many challenges to overcome and we anticipate getting back to business as usual in short order. The bank will open normally Monday with no restrictions or interruptions.
We will provide you with important updates as they are made available. Once again, we thank you for your continued loyalty and trust as we move forward as part of our new organization.
Thomas R. Cangemi
President & Chief Executive Officer, New York Community Bancorp Inc.
Eric R. Howell