Regulators close Signature bank, announce plan to make depositors whole

The U.S. Treasury Department along with other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole, and that "no losses will be borne by the taxpayer."

New York state's Department of Financial Services said on Sunday it has taken possession of New York-based Signature Bank and appointed the U.S. Federal Deposit Insurance Corp as receiver, the second bank failure in a matter of days. Signature Bank had deposits totaling approximately $88.59 billion as of Dec. 31, the department said in a statement.

Signature Bank did not immediately respond to a request for comment. The U.S. Treasury Department along with other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole, and that "no losses will be borne by the taxpayer."