After the closing of Silicon Valley Bank, New York State has seized possession of another bank that has closed. Many people have been wondering if other banks would fold since Silicon Valley Bank did recently.

Silicon Valley Bank was a commercial bank headquartered in Santa Clara, California. When it closed on Friday, March 10, 2023, it was the 16th-largest bank in the United States.

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New York Department of Financial Services Takes Possession of Signature Bank

On the heels of Silicon Valley Bank's closing, the New York-based Signature Bank has closed. The bank closed yesterday, Sunday, March 12. Superintendent Adrienne A. Harris announced that the New York Department of Financial Services has taken control of Signature Bank, pursuant to Section 606 of New York Banking Law. The seizure was executed in order to protect depositors and stop further losses. DFS appointed the Federal Deposit Insurance Corporation, which insures depositors up to $250,000, as the receiver of the bank.

Signature Bank is a New York state-chartered commercial bank that is FDIC-insured. It was founded on May 1, 2001. As of December 31, 2022, the bank had total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion.

DFS is in close contact with all regulated entities in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators to protect consumers, ensure the health of the entities we regulate, and preserve the stability of the global financial system.

For information about FDIC insurance of deposits at Signature Bank, visit or call toll-free 1-877-ASK-FDIC.

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