U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution they shuttered after Silicon Valley Bank’s collapse.
“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” Treasury, Federal Reserve, and FDIC said in a joined statement Sunday evening.
“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” the regulators said.
Signature is one of the main banks to the cryptocurrency industry. As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing.
(YWN World Headquarters – NYC)
Join the official YWN WhatsApp status
12 Responses
Wow
The ball has started to roll, ladies and gentlemen.
Grab your cash and stock up on the gold.
Hello 2008.
Smart move to guarantee deposits on a timely basis and avoid bank run Monday AM. Both banks hold securities that are more than sufficient to cover deposits if they don’t have to sell them off at fire sale prices. Receiver can take time and recover full value with any shortfall covered by other banks.
Oh, BTW, stay tuned… theres a third bank shuttering on its way….
Underfunded banks that invest in speculative ventures often fail. Large stable banks can absorb some losses.
My money is with the largest bank in the US not one of these little startups.
> Grab your cash and stock up on the gold.
your first 250K is federally insured to prevent exactly this panic. If you have more, you should be able to afford a financial advisor or a subscription to WSJ.
Fact-check : Singnature bank is open as usual. Execs will be changed and bank will be sold.
The pasuk says “melech lsadeh nevad”
Biden: the economy is doing great
Hashem runs the entire world and the stock market as well down to the last penny of every person’s income.
No one is making even a penny more then Hashem said on Rosh Hashana for the upcoming year. We also need to stop bowing down to this avoda Zara of today called kesef-Money.
With this in mind lets all remember that HONESTY IS THE BEST POLICY
Lets all turn directly to the source Hashem for help in ALL our needs from livelihood to health to family etc…. Instead of depending on middlemen agents who are just messengers. “Vdorshei Hashem lo yachsiru chol tov” which means “for one who seeks out Hashem lacks nothing that is good”
Hashem loves his beloved children and nation klal yisroel and is just waiting for us to all call out wholeheartedly begging for help and for Mashiach already in whatever help each person needs
Apparently folks who banked with Signature didn’t care whether their bank was funding risky startups, venture capitalists, dabbling in the crypto currency market and maintaining low capital assets. They should be very grateful for the FDIC.