US closes Signature Bank, two days after Silicon Valley Bank collapses

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Signature Bank bankruptcy is the third largest in US history. Signature Bank headquarters in New York, in a photo taken on March 12, 2023 Reuters/Eduardo Munoz Financial sector bodies in the United States announced this Sunday (12) the closure of yet another bank: Signature Bank, headquartered in New York. The decision was announced two days after California authorities closed Silicon Valley Bank, which used to finance startups. The Signature Bank bankruptcy is the third largest in US history. The bankruptcy of Silicon Valley Bank is the second largest in American history, behind only Washington Mutual, which failed during the financial crisis of 2008. With the closure of Signatura Bank, the assets were taken over by the Federal Deposit Insurance Corporation (FDIC), which he also went on to manage the finances of Silicon Valley Bank. The US Treasury Department and other regulators said in a statement that all Signature Bank customers will be insured and taxpayers will not be affected by any loss. Signature Bank recorded a total of $89.17 billion in deposits on March 8. The bank had $110.3 billion in assets as of Dec. 31, 2022, according to the New York Department of Financial Services. The FDIC has established a new financial institution that will operate during this time of transition and will serve Signature Bank’s customers and creditors.

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