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Signature Bank becomes next casualty of banking turmoil after SVB

JD_co
in Other Investing
March 12 (Reuters) - State regulators closed New York-based Signature Bank (SBNY.O) on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank (SIVB.O) in a collapse that stranded billions in deposits.
The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in assets and $88.59 in deposits at the end of last year, according to New York state's Department of Financial Services.

All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and "no losses will be borne by the taxpayer," the U.S. Treasury Department and other bank regulators said in a joint statement.

Comments

  • CrashCrash
    I do understand what's printed in front of me. The translation? Careless, negligent management, faulty business models. Leading to the inevitable. And the pigs get rewarded. Egret feces.
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