Federal regulators said Sunday Signature Bank has been shuttered, marking the second massive bank failure after the collapse of Silicon Valley Bank last week.
Cambria Investment Management CIO and co-founder Meb Faber reacts to the Silicon Valley Bank collapse and casts his market predictions on ‘Barron’s Roundtable.’
"All depositors of this institution will be made whole," the joint statement read. "As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer." Founded in 2001, the New York-based Signature Bank was popular among crypto companies. The institution provided deposit services for its clients’ digital assets but did not make loans collateralized by them. Leading up to SVB’s collapse, the bank said it had been trying to reduce these deposits.
"We have built a strong reputation serving commercial clients through nine business lines and reached in excess of $100 billion in assets by continually executing our single-point-of-contact, relationship-based model where banking teams are capable of meeting all client needs."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto-friendly Signature Bank shut down by regulators, after collapses of Silicon Valley Bank, SilvergateState authorities closed Signature Bank Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008...
Read more »
U.S. Treasury says Silicon Valley Bank, Signature Bank 'not being bailed out'New policies adopted on Sunday by U.S. banking regulators will 'wipe out' equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said.
Read more »
Regulators close New York's Signature Bank following Silicon Valley Bank collapseThe New York Department of Financial Services announced on Sunday that it has taken possession of Signature Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the bank's receiver.
Read more »
Regulators shut down Signature Bank two days after Silicon Valley Bank collapseFederal and state banking regulators announced Sunday that Signature Bank, one of the main financial institutions for cryptocurrency firms, had been shut down.
Read more »
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Read more »