Hicksville-based New York Community Bank is buying a portion of the failed Signature Bank in a $2.7 billion deal.

Starting today, the 40 branches of Signature Bank will become Flagstar Bank, a NYCB subsidiary.

The deal will include the purchase of $38.4 billion in Signature Bank's assets, a little more than a third of Signature's total when the bank failed a week ago.

The FDIC said $60 billion in Signature Bank's loans will remain in receivership and are expected to be sold off in time.

The move comes after banking giant UBS agreed to buy Credit Suisse.

Experts tell News 12 Long Island that the deals are all part of an effort to calm some of banking turmoil.

Meanwhile, lawmakers in Washington are also trying to figure out what happened and the next steps.