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

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Regulators close New York's Signature Bank, citing systemic risk

Published Sun, Mar 12 20236:24 PM EDTUpdated Moments Ago
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Yun Li@YunLi626
WATCH LIVE
A man entering Signature Bank in New York City on March 12, 2023.
Reuters

U.S. regulators on Sunday shut down New York-based Signature Bank in
a bid to prevent the spreading banking crisis.

"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," Treasury, Federal Reserve, and FDIC said
in a joint statement Sunday evening.

The banking regulators said depositors at Signature Bank will have
full access to their deposits.

"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," the regulators said.

The regulators shuttered Silicon Valley Bank on Friday and seized its
deposits in the largest U.S. banking failure since the 2008 financial
crisis -- and the second-largest ever. The dramatic moves come just
days after the tech-focused institution reported that it was
struggling, triggering a run on the bank's deposits.

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.

To stem the damage and stave off a bigger crisis, the Fed and
Treasury created an emergency program to backstop deposits at both
Signature Bank and Silicon Valley Bank using the Fed's emergency
lending authority.

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