The Federal Deposit Insurance Company, or FDIC, has reportedly informed collapsed lender signature bank‘S SBNY Crypto customers have until April 5 to close their accounts and move their funds.

What happened: The deposits in question were not part of a rescue agreement Flagstar Banka unit of New York Community Bancorp Inc. new Yorkreported Reuters.

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“Flagstar’s offer did not include approximately $4 billion in cash related to Signature’s digital asset business,” an FDIC spokesman said, according to the report.

“These are the deposits we encourage customers to deposit before April 5th. If they haven’t done so by that date, we will send checks to the address provided,” the spokesperson added.

The deal: Last week, Flagstar reached an agreement with US regulators to buy deposits and loans from Signature Bank. FDIC depositors at Signature Bridge Bank had saidother than those related to digital banking, automatically become depositors of the acquiring institution.

“As of December 31, 2022, the former Signature Bank had total deposits of $88.6 billion and total assets of $110.4 billion. Today’s transaction included the purchase of approximately $38.4 billion in assets of Signature Bridge Bank, NA, including $12.9 billion in loans, which were sold at a discount of $2.7 billion -dollars were acquired,” the FDIC had stated.

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