State regulators closed New York-based Signature Bank on Sunday , just two days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and left billions of dollars of deposits belonging to companies and investors stranded.
New York banking regulators appointed the Federal Deposit Insurance Corporation as receiver for later disposition of the bank's assets. Signature Bank reported deposit balances totaling US$89.17 billion as of March 8. As of Dec 31, it had approximately US$110.36 billion in assets, according to New York state's Department of Financial Services.
Signature Bank, a commercial bank with private client offices in New York, Connecticut, California, Nevada and North Carolina, had nine national business lines including commercial real estate and digital asset banking. Signature Bank announced in February that its chief executive officer, Joseph DePaolo, would transition into a senior adviser role in 2023 and would be succeeded by the bank’s chief operating officer, Eric Howell. Mr DePaolo has served as president and CEO since Signature's inception in 2001.
Source: News Formal (newsformal.com)
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