Bank Failure
Signature Bank
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Closed March 12, 2023 · New York, NY · FDIC Cert #57053.
- Closing date
- March 12, 2023
- Headquarters
- New York, NY
- FDIC Certificate
- 57053
- Total assets at closing
- $110.36B
- Total deposits at closing
- $88.61B
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Flagstar Bank, N.A.
Context
On March 12, 2023, regulators closed Signature Bank, headquartered in New York, NY. At closing, the institution held approximately $110.36B in assets and $88.61B in deposits. The FDIC transferred the bank to Signature Bridge Bank, N.A., on March 12, 2023. Flagstar Bank, N.A., bought most of its deposits and certain loans from the FDIC under an agreement announced March 19, 2023.
By assets at closing this is the 4th largest of the 3,526 bank failures in the FDIC record, and the 3rd of 5 in 2023. It falls in the period the record labels Regional Banking Stress (2023-present), a period with 15 failures peaking at 6 in 2026.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Signature Bank fail?
Signature Bank was closed by regulators on March 12, 2023.
Who acquired Signature Bank?
The FDIC transferred the bank to Signature Bridge Bank, N.A., on March 12, 2023. Flagstar Bank, N.A., bought most of its deposits and certain loans from the FDIC under an agreement announced March 19, 2023.
How big was Signature Bank when it failed?
Signature Bank had approximately $110.36B in total assets and $88.61B in deposits at the time of failure.
Other failures in 2023
| Date | Bank | Assets |
|---|---|---|
| Nov 3, 2023 | Citizens Bank | $60.4M |
| Jul 28, 2023 | Heartland Tri-State Bank | $139.4M |
| May 1, 2023 | First Republic Bank | $212.64B |
| Mar 10, 2023 | Silicon Valley Bank | $209.03B |
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