Regulators close New York’s Signature Bank (SBNY), citing systemic risk

https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html

U.S. regulators said Sunday that 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. 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,” Treasury, Federal Reserve, and FDIC said in a joined statement.

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.