SBNY - Signature Bank taken over by New York Department of Financial Services
2023-03-12 18:51:07 ET
- New York state's Department of Financial Services has taken possession of Signature Bank ( NASDAQ: SBNY ) to protect depositors, Superintendent Adrienne A. Harris said Sunday. All depositors of the institution will be made whole, federal banking regulators said.
- The Federal Deposit Insurance Corp. (FDIC) was appointed receiver of the bank. Signature Bank ( SBNY ) is a New York state-chartered commercial bank and is FDIC-insured with total assets of ~$110.4B and total deposits of ~$88.6B as of Dec. 31, 2022, NY DFS said.
- Signature Bank ( SBNY ) is the second bank to be taken over by the FDIC in the past week. The FDIC closed down Silicon Valley Bank, owned by SVB Financial ( SIVB ), on Friday after customers clamored to withdraw deposits.
- The FDIC is reportedly seeking a buyer for Silicon Valley Bank with bids due Sunday afternoon for the failed bank.
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Signature Bank taken over by New York Department of Financial Services