Santander Bank is the latest financial services company to scoop up former Signature Bank assets.
The Federal Deposit Insurance Corp. said in a press release that it sold a 20% stake in a newly created venture to SBNA Investor LLC, which is directly controlled by Santander, for $1.1 billion.
The venture has $9 billion of loans backed by rent-stabilized and rent-controlled properties. The bridge bank formed to divest Signature assets will retain an 80% stake in the venture.
The bridge bank began the marketing process in September. It sold a 20% stake in a venture with commercial real estate loans to a group affiliated with Blackstone and 5% stakes in two entities with multifamily loans to Community Preservation.
Signature Bank was closed in March.