The closure comes days after a run on Silicon Valley Bank led to the country’s largest bank failure since the 2008 financial crisis.
According to the New York Department of Financial Services, Signature Bank had assets totaling $110.36 billion and deposits of approximately $88.59 billion at the end of 2022.
Gov. Kathy Hochul said Sunday night that she was working closely with federal partners and the New York Department of Financial Services Superintendent Adrienne Harris to “stabilize the banking sector and protect the hard-earned money of New Yorkers whose livelihoods depend on impacted companies."
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