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The Federal Deposit Insurance Corp says New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7bn deal. The FDIC says the 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank’s subsidiaries. The FDIC said $60bn in Signature Bank’s loans will remain in receivership and are expected to be sold off in time. The FDIC says it expects Signature Bank’s failure to cost the deposit insurance fund $2.5bn, but that figure may change as the regulator sells off assets.