(Reuters) - New York Community Bancorp said on Thursday it acquired the assets of the failed Signature Bank 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 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.