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American Banker: Regulators Shut Signature Bank, Pick Industry Veteran To Run Bridge Bank

American Banker, March 12, 2023, Regulators Shut Signature Bank, Pick Industry Veteran To Run Bridge Bank

Regulators shut down Signature Bank in New York on Sunday amid fears of an industry liquidity crisis and tapped a veteran regional bank executive to run the bridge bank that will take its place.

The shutdown of Signature by its state-chartering authority marks the second U.S. bank in three days to be closed by regulators, following the abrupt closure Friday of Silicon Valley Bank in Santa Clara, California. The $110.4 billion-asset Signature is the third-largest bank failure by assets ever in the United States, according to Federal Deposit Insurance Corp. data.

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