BRIEF-US OCC conditionally approves Flagstar Bank to purchase, assume deposits of Signature Bridge Bank

U.S. Office of the Comptroller of the Currency: * U.S. OFFICE OF THE COMPTROLLER OF THE CURRENCY APPROVES FLAGSTAR BANK, N.A., TO PURCHASE ASSETS AND ASSUME CERTAIN LIABILITIES OF SIGNATURE BRIDGE BANK

* TRANSACTION INCLUDES PURCHASE BY FLAGSTAR BANK OF LOAN PORTFOLIOS FROM SIGNATURE BRIDGE BANK THAT TOTAL $12.9 BILLION AND ASSUMPTION OF $34 BILLION IN DEPOSITS * OCC IMPOSED CONDITIONS ON APPROVAL, INCLUDING TO REQUIRE FLAGSTAR BANK TO ALLOCATE APPROPRIATE RESOURCES TO ASSETS AND LIABILITIES ACQUIRED, AND TO REQUIRE SUPERVISORY NON-OBJECTION PRIOR TO PAYING DIVIDEND TO SHAREHOLDERS Source: https://bit.ly/3Z5QE7o Further company coverage: