On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of SVB. On March 12, 2023, Signature Bank, New York, NY (SigBank) was closed by the New York State Department of Financial Services, which also appointed the FDIC as receiver. As with SVB, to protect depositors, the FDIC transferred all deposits and substantially all assets of SigBank to Signature Bridge Bank, N.A., a full-service bank the FDIC will operate as it markets the institution to potential bidders.