Two days after authorities liquidated Silicon Valley Bank, officials closed the New York-based Signature Bank. Authorities shuttered the New York-based Signature Bank on Sunday, two days after closing the Silicon Valley Bank. Following Silicon Valley Bank and Washington Mutual, the closure of Signature Bank represents the third-largest financial failure in American history.
According to the New York State Department of Financial Services, the second bank failure in a couple of days has taken possession of the New York-based Signature Bank and appointed the US Federal Deposit Insurance Corp as the receiver.
After Silicon Valley Bank and Washington Mutual, the closure of Signature Bank represented the third-largest financial failure in American history.
As of December 31, Signature Bank held deposits of roughly $88.59 billion, according to a statement from the department.
Signature Bank did not immediately answer an inquiry for comment.
All Signature Bank depositors will be paid whole, and “the taxpayer will bear no losses,” the US Treasury Department and other bank regulators said in a joint statement on Sunday.
“All of this institution’s deposits will be fully reimbursed. The taxpayer will bear no losses, “the police reported.
