Regulators close Signature bank, announce plan to make depositors whole
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“New York state’s Department of Financial Services said on Sunday it has taken possession of New York-based Signature Bank and appointed the U.S. Federal Deposit Insurance Corp as receiver, the second bank failure in a matter of days,” reported Reuters.
“Signature Bank had deposits totaling approximately $88.59 billion as of December 31,” adds the news.
The news also mentioned that the US Treasury Department along with other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole, and that “no losses will be borne by the taxpayer.”
Also read: US Treasury Department, Fed unveil action plan on Silicon Valley Bank fallout
The news allows traders to begin the week on a positive footing after a downbeat close on Friday. The same propels S&P 500 Futures after a negative close the previous day.
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