The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in assets and $88.59 in deposits at the end of last year, according to New York state’s Department of Financial Services. All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and „no losses will be borne by the taxpayer,“ the U.S. Treasury Department and other bank regulators said in a joint statement.
State regulators closed New York-based Signature Bank on Sunday, making it the third largest failure in U.S. banking history. Signature’s failure followed Silicon Valley Bank’s Friday shutdown, the second largest in U.S. history behind Washington Mutual, which collapsed during the 2008 financial crisis.The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in assets and $88.59 in deposits at the end of last year, according to New York state’s Department of Financial Services.All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and „no losses will be borne by the taxpayer,“ the U.S. Treasury Department and other bank regulators said in a joint statement.Investors were unnerved by the speed at which startup-focused SVBThe FDIC established a „bridge“ successor bank on Sunday which will enable customers to access their funds on Monday.
