(Reuters) - New York Community Bancorp ( NYCB ) said on Thursday it acquired the assets of the failed Signature Bank ( SBNY ) with an estimated total fair value of $37.8 billion.

In March 2023, its subsidiary, Flagstar Bank, had assumed substantially all of Signature Bank's ( SBNY ) deposits and some of its loan portfolios from the Federal Deposit Insurance Corporation (FDIC).

The regional lender added the fair value estimate primarily includes $24.9 billion in cash and cash equivalents and $11.7 billion in loans and leases.

It also assumed liabilities with an estimated fair value of $35.7 billion, primarily including $33.5 billion in customer deposits, NYCB said.