New York Community Bancorp surges 42% after striking a deal to acquire the assets of failed Signature Bank

• New York Community Bancorp stock shot up 42% after agreeing to acquire Signature Bank's assets.
• The company's Flagstar Bank unit will assume most of Signature's deposits and all 40 branches.
• Wedbush upgraded NY Community Bancorp to outperform, citing an earnings boost from the "sweetheart" deal. 

Shares of New York Community Bancorp are on a tear Monday following news that a subsidiary inked a deal to acquire most of failed Signature Bank's assets.

The bank stock soared as much as 42% intraday, then pared some gains to trade up 30% at $8.54 by midday.