Closed Sunday, March 12, 2023 · New York, New York County, New York
Signature Bank
By total assets Signature Bank is the fourth-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. No bank in New York had failed for twelve years, since USA Bank closed in 2010. No failed bank in New York was larger, of 73 on record there since 1934.
On the books, 2015 to 2022
Total assets peaked at $122 billion in the first quarter of 2022 and were 9% lower at the final report. In the three years to the first quarter of 2022, its assets grew 151%. Equity capital went from 9.2% of assets in the first quarter of 2015 to 7.3% at the last report. Every reporting year on this chart closed with a net profit.
Size against the other 2023 failures
Total assets of each 2023 failure, log scale; Signature Bank in red.
By assets it ranked third of the 5 failures in 2023. Across the failures of 2023, the median estimated loss came to 9.0% of assets. The FDIC records no estimated loss to the Deposit Insurance Fund from this failure. In the size ranking of that year, just above it was Silicon Valley Bank of Santa Clara, California ($209 billion, loss 9.0% of assets); just below, Heartland Tri-State Bank of Elkhart, Kansas ($139 million, loss 31% of assets). Every 2023 failure in the explorer.
Failures in New York
No bank in New York has failed since. New York County has 15 failed banks on FDIC record since 1934. Closest in time: Edison Federal Savings and Loan Association (1990), First New York Bank for Business (1992), American Savings and Loan Association (1995), LibertyPointe Bank (2010), The Park Avenue Bank (2010).