BREAKING: Regulators close Signature Bank

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Federal regulators shut down Signature bank, based in New York City, on Sunday, making it the second financial institution shuttered by the Federal Deposit Insurance Corporation (FDIC) this week after Friday’s collapse of Silicon Valley Bank.

The FDIC, Treasury Department, and Federal Reserve jointly released a statement that said, “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. 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 statement added.

The statement previously referenced Silicon Valley Bank and said they had “approved actions enabling the FDIC to complete resolution of Silicon Valley Bank… in a manner that fully protects all depositors.”

“The Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.”

According to CNBC, “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.”

Lee Fang reported, “The bank that was just closed, Signature Bank, is the one that Barney Frank joined after retiring from Congress.”

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