New York state regulator shuts down Signature Bank, which has been taken over by the US FDIC

New York-based Signature Bank was shut down by New York state regulators on Sunday, the Federal Reserve announced, CoinDesk reported. Adrianne Harris, head of the New York State Department of Financial Services, said the Federal Deposit Insurance Corporation (FDIC) had taken over the bank. It is reported that this is the third bank failure in a week, after Silvergate Bank and Silicon Valley Bank failed last Wednesday and Friday respectively. Harris said the action was taken “to protect depositors”. “Signature Bank is a New York State chartered commercial bank underwritten by the FDIC. As of December 31, 2022, its total assets were approximately US$110.36 billion and its total deposits were approximately US$88.59 billion.” A joint statement issued by the Federal Reserve, FDIC and the US Department of the Treasury stated , all depositors of Signature will be fully compensated, and taxpayers will not bear any losses.