The Federal Deposit Insurance Company said it transferred everything Deposits and significant assets of signature bank SBNY To Signature Bridge Bank, NAa full-service bank that the agency will operate as it markets the institution to potential bidders.

Signature Bank was the third financial institution to close recently after the collapse of Silvergate Capital Corp S.I And Silicon Valley Bank SIVB.

According to the FDIC, a bridge bank is a licensed national bank operating under an FDIC-appointed board that assumes the deposits and certain other liabilities and purchases certain assets of a failed bank.

The bridge bank structure is designed to “bridge” the gap between a bank’s failure and when the FDIC can stabilize the institution and conduct an orderly resolution, she explained.

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Depositors and borrowers will automatically become customers of Signature Bridge Bank, NA and will continue to have uninterrupted customer service and access to their funds via ATM, debit card and check writing in the same manner as before. FDIC has cleared the addition that official checks from Signature Bank will continue to be cleared.

“Loan customers should continue their loan payments as usual,” it said.

The FDIC noted that all depositors in the institution will be relieved and no losses will be borne by taxpayers, but added that shareholders and certain unsecured debt holders are not protected.

Greg D Carmichael was appointed CEO of Signature Bridge Bank, NA. He was recently President and CEO of Fifth Third Bancorp.

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