On March 10th, customers of Signature Bank withdrew over $10 billion in deposits due to concerns over the sudden collapse of Silicon Valley Bank. The panic caused a run on deposits that led to the third-largest bank failure in U.S. history…
To safeguard depositors and maintain the stability of the financial system, regulators announced on Sunday that they would take over Signature Bank. The unexpected move shocked Signature Bank executives, who had no indication of any problems until the deposit run late March 10th…
Signature Bank had deep ties to the crypto, real estate, and legal industries, and had 40 branches, $110.36 billion in assets, and $88.59 billion in deposits at the end of 2022.
According to former U.S. Rep. Barney Frank, a board member of Signature Bank, the bank explored all avenues to stabilize its situation, including finding more capital and potential acquirers…
However, as waves of concern spread and depositors moved their deposits to larger banks, including JPMorgan Chase and Citigroup, Signature's top managers were removed, and the bank was shuttered on Sunday. Regulators are currently conducting a sales process for the bank, while guaranteeing that customers will have access to deposits and service will continue uninterrupted.
Frank believes that regulators may have wanted to send a strong anti-crypto message and that Signature Bank became the poster boy because there was no insolvency based on the fundamentals…
The move to seize Signature Bank raised eyebrows among observers, especially since regulators announced new facilities to shore up confidence in the country's other banks in the same Sunday announcement. Another bank that had been under pressure in recent days, First Republic, declared that it had more than $70 billion in untapped funding from the Federal Reserve and JPMorgan Chase.
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