Regulators close Signature bank, announce plan to make depositors whole

A worker arrives to the Signature Bank headquarters in New York City, U.S., March 12, 2023. REUTERS/Eduardo Munoz


By Hannah Lang

(Reuters) -New York state’s Department of Financial Services said on Sunday it has taken possession of New York-based Signature Bank (NASDAQ:SBNY) and appointed the U.S. Federal Deposit Insurance Corp as receiver, the second bank failure in a matter of days.

Signature Bank had deposits totaling approximately $88.59 billion as of Dec. 31, the department said in a statement.

Signature Bank did not immediately respond to a request for comment.

The U.S. Treasury Department along with other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole, and that “no losses will be borne by the taxpayer.”


Leave a Reply

Your email address will not be published. Required fields are marked *