Regulators close Signature bank, announce plan to make depositors whole
A worker arrives to the Signature Bank headquarters in New York City, U.S., March 12, 2023. REUTERS/Eduardo Munoz
March 12 - 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.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."Hannah LangHannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector.
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