New York Department of Financial Services takes possession of Signature Bank

NEW YORK -- The New York Department of Financial Services has taken possession of Signature Bank.

The video featured is from a related report.

The move was made to protect depositors, Superintendent Adrienne Harris announced on Sunday.

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Signature Bank is a New York state-chartered commercial bank and is FDIC-insured, with total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022.

Governor Kathy Hochul released a statement saying,

"Throughout the weekend, DFS Superintendent Adrienne Harris and I have been working closely with Federal partners on ways to stabilize the banking sector and protect the hard-earned money of New Yorkers whose livelihoods depend on impacted companies."

ALSO SEE: How does a bank collapse in 48 hours? A timeline of the Silicon Valley Bank fall

Silicon Valley Bank, the 16th largest bank in the country, failed on Friday and was taken over by the FDIC. The bank tried to shore up problems with its balance sheet on Wednesday. Instead of sparking confidence there was a run on the bank. Customers withdrew $42 billion of deposits by the end of Thursday. The FDIC took over the bank on Friday.