On March 12, 2023, two days after the failure of the Silicon Valley Bank, and three days after the liquidation of Silvergate Bank, Signature Bank was shut down after a bank run on its deposits. With assets totaling US$118 billion, its collapse was the third-largest bank failure in United States history, only overtaken by Silicon Valley Bank in second place and Washington Mutual in first. It held this position until the collapse of First Republic Bank on May 1, 2023, becoming the new second-largest bank failure in US history after it failed with assets totaling US$229.1 billion. Signature Bank's collapse currently remains the fourth-largest bank failure in United States history.
In the hours following the bank's collapse, its deposits and assets were transferred to the newly-established Signature Bridge Bank, N.A.. Eight days after the establishment of the new bank, it was acquired by Flagstar Bank and its operations have since been merged into Flagstar.
