Two banks have collapsed since Friday, the federal government swooped in to save the day and there’s still a lot of uncertainty about what comes next. Silicon Valley Bank failed Friday after …
Two banks have collapsed since Friday, the federal government swooped in to save the day, and there’s still a lot of uncertainty about what comes next.
Since 2001, there have been 563 bank failures, according to the FDIC, but these are the first since Kansas-based Almena State Bank in October 2020. SVB and Signature Bank’s collapses were the second and third largest in history, with Washington Mutual — which fell during the 2008 financial crisis — still No. 1.with a swift decline Friday. On Monday morning, after the Fed’s joint announcement, markets were jittery, indicating high volatility in an uncertain financial climate.
Then on Sunday, New York state regulators closed Signature Bank, a lender primarily serving real estate and law firms that recently started focusing on the cryptocurrency industry. A similar bank run happened at Signature. The FDIC took over the same day and established a new Signature Bridge Bank N.A.
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Feds to pay all depositors as Signature Bank closes following SVB collapseGovernment officials said 'no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.'
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