NYS Department of Financial Services takes possession of Signature Bank, Hochul reacts

Published: Mar. 12, 2023 at 8:41 PM EDT
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WATERTOWN, New York (WWNY) - The New York State Department of Financial Services has taken possession of Signature Bank.

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.

Depositors at the bank will have full access to their money, but regulators say shareholders and some unsecured debt holders will not be protected.

This is the second bank to be closed this week after Silicon Valley Bank’s collapse last Friday.

In response, Governor Kathy Hochul said “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.”

Hochul goes on to say “many depositors at these banks are small businesses, including those driving the innovation economy, and their success is key to New York’s robust economy.”