After Silicon Valley Bank, Now Signature Bank Closed in USA – 3rd Largest Bank Failure

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In yet another blow to banking system, State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities closed Silicon Valley Bank (SVB).

New York banking regulators appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of the bank’s assets. Signature Bank, a New York state-chartered commercial bank that’s FDIC-insured, reported deposit balances totaling $89.17 billion as of March 8. As of Dec. 31, it had approximately $110.36 billion in assets, according to New York state’s Department of Financial Services. The Signature failure is the third-largest in US banking history.

US authorities announced that they will “fully” protect depositors in collapsed SVB and the US Federal Reserve said that it will lend to banks if needed to meet withdrawals.

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The United States Treasury Department and other bank regulators said in a joint statement that all depositors of Signature Bank will be made whole, and “no losses will be borne by the taxpayer.” Depositors at the bank will have access to their money under “a similar systemic risk exception” to one that will allow SVB clients to get their money on Monday.

Signature Bank

Signature Bank was a New York-based full-service commercial bank with 40 private client offices throughout New York, Connecticut, California, Nevada, and North Carolina.

TypePublic company
IndustryBanking Financial Services
Founded1 May 2001
ClosedMarch 12, 2023
HeadquartersNew York City, New York, U.S.
Net incomeUS$918 million (2021)
Total assetsUS$118 billion (2021)
Total equityUS$6.84 billion (Q2 2021)
Number of employees1,854 (2021)
ParentFederal Deposit Insurance Corporation
SubsidiariesSignature Securities Group Corporation
Signature Financial LLC
Signature Public Funding Corp.
Websitesignatureny.com

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