2 days after authorities closed Silicon Valley Bank, New York's Signature Bank shut down in 3rd largest failure in US banking history

Chandigarh, March 13

New York-based Signature Bank was shut down by regulators, two days after authorities closed Silicon Valley Bank.

The New York state’s Department of Financial Services said it has taken possession of New York-based Signature Bank and appointed the US Federal Deposit Insurance Corp as receiver, the second bank failure in a matter of days.

The shut down of Signature Bank marked the third largest failure in US banking history, after Silicon Valley Bank and Washington Mutual.

Signature Bank had deposits totaling approximately $88.59 billion as of December 31, the department said in a statement.

Signature Bank did not immediately respond to a request for comment.

The US 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.”

With inputs from Reuters