Signature Bank, which held nearly $200 billion in assets and deposits as of the conclusion of 2022, has been taken over by the New York State Department of Financial Services (DFS) in a moved designed to protect depositors.
It’s the second major financial institution taken over by a government entity since Friday, March 10,when the federal government shuttered Silicon Valley Bank in California. Upon taking possession of Signature Bank, the DFS appointed the Federal Deposit Insurance Corporation as its receiver, a move designed to protect depositors.
The Federal Reserve also announced that Signature Bank would receive a systemic risk exemption — a move that not only protects the depositors’ assets but also aims to help protect the entire financial system at large. The Fed had issued a systemic risk exemption to Silicon Valley Bank as well.
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