Yonkers Insider: Westchester County Legislator James Nolan 15th District: Signature Bank Closed by Regulators – What Should Customers Do?

 

Over this past weekend, two banks - Silicon Valley Bank and New York-based Signature Bank - collapsed. Regulators seized control after the banks failed to meet customer withdrawal requests.

Customers of both institutions are insured through the Federal Deposit Insurance Corporation (FDIC) up to $250,000.

WHAT SHOULD SIGNATURE BANK CUSTOMERS DO?

If You Had a Deposit Account:

• Depositors will automatically become customers of Signature Bridge Bank and can continue to access their funds at Signature Bank locations.

If You Had a Loan:

• Borrowers will also automatically become customers of Signature Bridge Bank and can continue to make their payments as usual.

For additional resources on what customers should do, visit the Federal Deposit Insurance Corporation at https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/signature-ny.html.