Signature Bank is closed by regulators, the third US bank failure in a week

verge via msn ^ | 3/12/23 | Story by Elizabeth Lopatto

[RomanSoldier19]

Signature Bank, one of the two big US destinations for crypto companies, has been closed by New York regulators. “All depositors of this institution will be made whole,” the Treasury, Federal Reserve and Federal Deposit Insurance Corporation said in a joint statement.

This is the third major bank that has fallen in the space of a week, and investors are spooked. The joint announcement that depositors will be protected above the $250,000 guaranteed by the FDIC appears to be meant to reassure banking customers that their money will not be frozen. Signature had $88.59 billion in deposits as of December 31, 2022. The New York Department of Financial Services has taken possession of the bank.

[RomanSoldier19]

[MinorityRepublican]

I missed the third bank?

[RomanSoldier19]

why

[BradyLS]

Another article mentioned Silvergate (another crypto currency bank) as having failed.

[MinorityRepublican]

Silvergate. I didn’t notice that bank had failed.

[MinorityRepublican]

Thanks.

[wildcard_redneck]

Somehow this doesn’t feel like winning. Pedo Biden is a wrecking ball.

[SaveFerris]

GREATEST ECONOMY EVAH!!!!

[SaveFerris]

There will still be bank 🏦🏦🏦 runs

Too much of this at the same time

Maybe another 150 billion dollars to Ukraine

America Last

Americans Last

Since George W Bush

EXCEPT under President Donald Trump’s administration

[inchworm]

Go figure....a bank failure in California and New York. Both places suck.

[RomanSoldier19]

well its the season

[virgil]

Wasn’t Barney Fwank on the board of this bank at one time?

[Freest Republican]

the questions seems to be-

how much 1.something % growing more worthless every day bonds do these banks hold? Which banks hold them and how much compensation did they manage to suck out while valuing becoming worthless bond portfolios at imaginary levels?

[Bubba_Leroy]

Is there anyone else old enough to remember the bank and savings and loan industry meltdown of the 1980s who is feeling a strong sense of deja vu?

[Bubba_Leroy]

Another one bites the dust.

[SaveFerris]

It’s Deja Vu all over again!

[BarbM]

I believe Edward Kennedy called him
Barney Fag

[C210N]

Karma...

Signature: “At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people.”

[mewzilla]

Speaking of Germany, interestingly SVB is also in the UK and Germany.

[MachIV]

“Strong as hell!”