111 Highlights - FDIC’S SUPERVISION OF SIGNATURE BANK

[Gunnar Larson]

xNY.io - Bank.org collates 111 highlights to the "FDIC’S SUPERVISION OF
SIGNATURE BANK."

https://drive.google.com/file/d/1La2K6-B158sIypq-FYW8MjRm9MgvINwJ/view?usp=drivesdk

On March 12, 2023, the New York State Department of Financial Services
(NYSDFS) closed Signature Bank of New York (SBNY) and appointed the Federal
Deposit Insurance Corporation (FDIC) as receiver of the bank. SBNY was a
full-service, commercial bank founded in 2001. As of December 31, 2022,
SBNY had total deposits of $88.6 billion and total assets of $110.4
billion. SBNY was the 29th largest bank in the country, and its failure
constituted the third largest bank failure in United States history. As of
March 19, 2023, the FDIC estimated the cost of SBNY’s failure to the
Deposit Insurance Fund (DIF) to be approximately $2.5 billion. The exact
cost will be determined when the FDIC terminates the receivership.

The FDIC was the primary federal regulator of SBNY and, in late March, FDIC
Chairman Martin J. Gruenberg commissioned the FDIC’s Chief Risk Officer to
conduct an internal review of the agency's supervision of SBNY and produce
a report to the FDIC Board of Directors for release to the public by May 1,
2023.
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