Shares of Signature Bank (NASDAQ: SBNY) continued their downslide in pre-market trading on Monday after New York state’s Department of Financial Services took possession of the Bank to protect depositors. The Federal Deposit Insurance Corp. (FDIC) was appointed receiver of the bank.
Federal banking regulators stated, “All depositors of this institution will be made whole.” As of December 31, 2022, the New York-based state-chartered commercial bank and FDIC-insured had total assets of around $110.36 billion and total deposits of approximately $88.59 billion.
In the past three months alone, SBNY stock has tanked by more than 40%.