Signature Bank Shut Down; Many Lakewood Residents With Frozen Deposits

Signature Bank, a New York-based financial institution, has been shut down by federal regulators as fears of a bank run similar to the one that collapsed Silicon Valley Bank was about to take place.

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” the US Treasury, Federal Reserve, and FDIC said in a joined statement Sunday evening.

“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” the regulators said.

As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing.

Residents of the Lakewood region have millions in deposits at Signature Bank.

Despite the worry, Signature customers will get all of their deposits back, including ones above the $250,000 limit for federal deposit insurance, banking regulators said.

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