Diamonds and Dogs
Great deal for NY Community Bancorp (NYCB). The Long Island regional bank is up 39% after FDIC announced they would acquire $38 billion in assets from defunct Signature Bank. In the deal, $25 billion is cash and $13 billion is in loans, some of this at a discount to net asset value. NYCB will also get Signature's wealth management and broker-dealer businesses and is working on an agreement to service Signature's multi-family, commercial real estate and other loans that it didn't acquire.
Credit Suisse (CS) in a take under by UBS for $3.24 billion. The Swiss bank is down 50% after a cash infusion from the government and regulators over a week ago did little to calm fears or stem outflows. Over the weekend it seems the regulators pushed for this takeover to avoid a systemic problem or event. The all-stock deal values Credit Suisse stock at $0.82 per share after closing at $2 a share on Friday.
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