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 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 […]
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Regulators close Signature bank, announce plan to make depositors whole
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 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.”
(Reporting by Hannah Lang in Washington; Editing by Leslie Adler and Lisa Shumaker)