The FDIC created Signature Bridge Bank to take over Signature Bank's operations.
Signature Bridge Bank is a new bridge bank that will provide basic banking services to Signature Bank's customers.
The FDIC took over Signature Bank on March 12, 2023, and created Signature Bridge Bank as a result.
This new bank will allow customers to access their accounts and conduct basic banking transactions.
Intriguing read: Fdic Seizes Philadelphia-based Bank Republic First Bank.
Frequently Asked Questions
Who bought out Signature Bank?
New York Community Bancorp (NYCB) acquired Signature Bank's assets with a total fair value of $37.8 billion.
Is Signature Bank a real bank?
Yes, Signature Bank was a legitimate American commercial bank with a presence in several states. It was headquartered in New York City and had multiple private client offices across the country.
Sources
- https://www.connectcre.com/stories/signature-bridge-bank-opens-its-doors-following-predecessors-shutdown/
- https://www.lexology.com/library/detail.aspx
- https://www.investopedia.com/pnc-acquires-usd16-billion-of-svb-bridge-bank-loans-from-fdic-8347044
- https://www.fdic.gov/news/press-releases/2023/pr23018.html
- https://www.bankrate.com/banking/signature-bank-collapse/
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