Yes, Signature Bank’s collapse in March 2023 is recognized as the third-largest bank failure in United States history. Its demise followed a period of intense financial pressure, during which depositors withdrew billions of dollars in the wake of the failure of Silicon Valley Bank just two days prior. The rapid loss of liquidity forced regulators to step in and shut down the institution to prevent further contagion within the financial system. Following the closure, its assets and deposits were ultimately transferred to Flagstar Bank through a government-led resolution process handled by the FDIC.