The move was made to protect depositors, Superintendent Adrienne Harris announced on Sunday.
Signature Bank is a New York state-chartered commercial bank and is FDIC-insured, with total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022.""Throughout the weekend, DFS Superintendent Adrienne Harris and I have been working closely with Federal partners on ways to stabilize the banking sector and protect the hard-earned money of New Yorkers whose livelihoods depend on impacted companies.
. The bank tried to shore up problems with its balance sheet on Wednesday. Instead of sparking confidence there was a run on the bank. Customers withdrew $42 billion of deposits by the end of Thursday. The FDIC took over the bank on Friday.
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