Apparently Signature Bank has also been closed. Article doesn't have a lot of info but assume proactive move & there is pretty good reason(s) to shut them down also.
https://www.cnbc.com/2023/03/12/regu...emic-risk.html
Quote:
U.S. regulators said Sunday it shut down New York-based Signature Bank
, a second financial institution they shuttered after Silicon Valley Ban
k’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.
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Quote:
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.
To stem the damage and stave off a bigger crisis, the Fed and Treasury created an emergency a program to backstop deposits at Signature Bank and Silicon Valley Bank using the Fed’s emergency lending authority.
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