ANOTHER BANK SHUT: Federal Regulators Close New York’s “Signature Bank”

A branch of Signature Bank is photographed, late Sunday, March 12, 2023, in New York. Regulators announced that the New York-based bank had failed and was being seized. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history. Signature's failure comes just days after the failure of Silicon Valley Bank. (AP Photo/Bobby Caina Calvan)

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.

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  1. 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.

  2. > 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.

  3. 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

  4. 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.