Second Bank Closure in Days: Signature Bank in New York Shut Down

The New York State Department of Financial Services announced on Sunday that it has taken over Signature Bank and designated the Federal Deposit Insurance Corporation as receiver for the institution, marking the second bank failure within days. The department stated in a release that deposits at Signature Bank totaled approximately $88.59 billion as of December 31. The Treasury Department and other banking regulatory agencies confirmed in a joint statement that depositors at Signature Bank will be compensated, adding that "taxpayers will not bear any losses."