The Signature Bank failure is the third largest in US banking history and comes only two days after the collapse of Silicon Valley Bank.
The FDIC established a “bridge” successor bank on Sunday which will enable customers to access their funds on Monday, March 13. Signature Bank’s depositors and borrowers will automatically become customers of the bridge bank, the FDIC said.
Signature was a commercial bank with private client offices in New York, Connecticut, California, Nevada, and North Carolina, and had nine national business lines including commercial real estate and digital asset banking. The bank had had a long-standing relationship with former president Donald Trump and his family, providing Trump and his business with checking accounts and financing several of the family’s ventures. Signature Bank cut ties with Trump in 2021 following the deadly January 6 riots on Capitol Hill, and urged Trump to resign.
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