Signature Bank : After SVB, now Signature Bank is also closed, and FDIC takes control

Posted on 13th Mar 2023 03:13 pm by rohit kumar

State regulators also shut down New York-based Signature Bank on Sunday. This made it the third-largest failure in US banking history. News of the Signature Bank failure follows Friday's shutdown of Silicon Valley Bank. It was the second-largest banking collapse in US history after the Washington Mutual disaster during the 2008 recession.

 

 

The Federal Deposit Insurance Corporation (FDIC) took control of Signature Bank, which had $110.36 billion in assets and $88.59 billion in deposits at the end of last year, according to the New York State Department of Financial Services.

 

 

The US Treasury Department and other bank regulators said in a joint statement that all depositors of Signature Bank and Silicon Valley Bank will be paid and taxpayers will not suffer any loss.

 

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