State regulators closed New York-based Signature Bank on Sunday (12th March 2023), making it the third largest failure in U.S. banking history.

* Becoming the second bank in the country after Silicon Valley Bank.

* The Federal Deposit Insurance Corporation (FDIC) has been appointed as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and others.

* The standard insurance amount from FDIC is $250,000 per depositor, per bank, for each account ownership category...

Source : India Times