After regulators close Signature bank, dozens line up at Staten Island branch to collect their money

STATEN ISLAND, N.Y. — Signature Bank, which pitched itself as a big-bank alternative to businesses and individuals who were “underserved by the area’s larger financial institutions,” was closed by regulators on Sunday, representing the second massive bank failure in three days. On Monday morning, dozens of Staten Island depositors lined up outside the lender’s Dongan Hills branch, some noting they were there to collect their money.

“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. (FDIC) said in a joint statement Sunday evening, announcing a systemic risk exception for Signature Bank. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”