Signature Bank, New York, NY was closed by New York State Department of Financial Services, which also appointed FDIC as receiver. FDIC transferred all deposits and substantially all assets of SigBank to Signature Bridge Bank, N.A.
California Department of Financial Protection appointed Federal Deposit Insurance Corporation FDIC as receiver for Silicon Valley Bank SVB. FDIC is appointed receiver to liquidate or wind up affairs of failed bank. Bridge bank allows FDIC to rapidly take over failed bank.