The FDIC will operate Signature Bridge Bank. Photo by Marek Studzinski on Unsplash.

New York financial services regulator has taken possession of Signature Bank just two days after the collapse of Silicon Valley Bank.

The New York Department of Financial Services (DFS) said that Signature Bank has been put into the receivership of the Federal Deposit Insurance Corporation (FDIC).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

As of 31 December 2022, Signature Bank, a commercial bank with New York state charter and FDIC insurance, had $110.36bn in assets and $88.59bn in deposits. 

The FDIC has set up a bridge bank and transferred all the deposits and nearly all the assets of Signature Bank to Signature Bridge Bank. 

A bridge bank is a nationally chartered bank that is governed by a board selected by the FDIC. It absorbs assets from a bank that has failed.

Greg Carmichael has been named the CEO of Signature Bridge Bank by the FDIC. Recently, Carmichael held the positions of president and CEO of Fifth Third Bancorp.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“All depositors of the institution will be made whole. No losses will be borne by the taxpayers. Shareholders and certain unsecured debt holders will not be protected. Senior management has also been removed,” the FDIC said in a statement. 

Last week, the California financial regulator announced that it has taken possession of Silicon Valley Bank, citing “inadequate liquidity and insolvency”.

Silicon Valley Bank has also been put under the receivership of the FDIC.

“All insured depositors will have full access to their insured deposits no later than Monday morning, 13 March 2023. The FDIC will pay uninsured depositors an advance dividend within the next week,” the regulator said in a statement.