FDIC establishes bridge bank to facilitate closure of Signature Bank

The U.S. Federal Deposit Insurance Corporation announced Sunday that it had established a bridge bank to handle customer accounts at recently closed Signature Bank.

The FDIC said the new, government-run institution will ensure accounts operate uninterrupted while the regulator looks to find a buyer for the shuttered bank's assets. Signature Bank was closed earlier in the day as part of the fallout of bank turmoil spurred by Silicon Valley Bank's abrupt closure Friday.