FDIC announces sale process of former Signature Bank loan portfolio

(Reuters) – The Federal Deposit Insurance Corporation (FDIC) on Monday announced the marketing process for the about $60 billion loan portfolio retained in receivership following the failure of Signature Bank.

The FDIC expects to begin its marketing of the retained loan portfolio of the former Signature Bank later this summer, it said in a statement.

The portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of single–family residential loans.

Last week, Reuters reported that FDIC has retained advisers to sell the securities portfolios that the new owners of failed Silicon Valley Bank and Signature Bank rejected.

The FDIC said on Monday it has retained Newmark & Company Real Estate Inc as an advisor on the sale.

On March 19, a unit of New York Community Bancorp entered into an agreement with U.S. regulators to buy deposits and loans from Signature Bank.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika Syamnath)