Signature Bridge Bank established by FDIC as successor to Signature Bank
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- The FDIC on Sunday night established Signature Bridge Bank as the successor to now shuttered Signature Bank (NASDAQ:SBNY).
- The new bank is operated by the FDIC. All deposits from Signature Bank (SBNY) and almost all of its assets are now with Signature Bridge Bank.
- As of Dec. 31, 2022, Signature Bank had total assets of $110.4B and total deposits of $82.6B.
- The FDIC named Greg Carmichael, recent president and CEO of Fifth Third Bancorp (FITB), as CEO of Signature Bridge Bank.
- The FDIC and Federal Reserve are considering forming a fund that would allow regulators to backstop deposits at banks should more regulated financial institutions run into trouble.