![]() ![]() ![]() However, FDIC said that Signature Bank's shareholders and certain unsecured debt holders will not be protected. "No losses will be borne by the taxpayers," it added. All depositors of the institution will be made whole. The bank's activities resumed on Monday, however, with Signature Bridge Bank becoming its new face of it.Īccording to FDIC, the transfer of all the deposits was completed under the systemic risk exception approved earlier today. Loan customers should continue making loan payments as usual."Īt the time of failure, Signature Bank had 40 branches across the country in New York, California, Connecticut, North Carolina, and Nevada. It added, "Signature Bank’s official checks will continue to clear. Carmichael who recently served as the president and CEO of Fifth Third Bancorp - will become the CEO of Signature Bridge Bank.Īppointed as a receiver, FDIC will maximize the value of the institution for a future sale and maintain the banking services in the communities formerly served by Signature Bank through the newly launched bank. Furthermore, the bridge bank structure is designed to “bridge" the gap between the failure of a bank and the time when the FDIC can stabilize the institution and implement an orderly resolution. It assumes the deposits and certain other liabilities and purchases certain assets of a failed bank. In general terms, a bridge bank is a chartered national bank that operates under a board appointed by the FDIC. and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards, and writing checks in the same manner as before." ![]() On Signature Bank's customers, in a statement, FDIC said, "depositors and borrowers will automatically become customers of Signature Bridge Bank, N.A. ![]()
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