The New York Department of Financial Services (DFS) announced that it has taken possession of Signature Bank, a New York state-chartered commercial bank, to protect depositors. The move was made under Section 606 of New York Banking Law. The DFS has appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver of the bank.

Signature Bank, which is FDIC-insured, has total assets of around $110.36 billion and total deposits of about $88.59 billion as of December 31, 2022. The DFS is closely monitoring market events and collaborating with other state and federal regulators to protect consumers and ensure the stability of the global financial system.