Sullivan & Cromwell Guides Flagstar’s Signature Bank Buy (1)

New York Community Bancorp. has turned to Wall Street’s Sullivan & Cromwell in its purchase of roughly $38 billion assets from the failed Signature Bank.

A New York Community subsidiary, Flagstar Bank, has acquired the assets, which include $25 billion in cash, and liabilities of Signature from the Federal Deposit Insurance Corp, the bank announced in a statement on Monday.

The bank will take over all of Signature’s branches and will open under the Flagstar Bank brand.

Longtime Sullivan & Cromwell partner Mark Menting led the deal team, which also includes Jared Fishman, co-head of the firm’s cybersecurity practice, and ...