State authorities closed Signature Bank Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008...
State authorities closed Signature Bank SBNY, -22.87% Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008 financial crisis, according to a joint statement by the Department of the Treasury, Federal Reserve, and FDIC. All depositors of Signature bank will be made whole, according to the statement.
New York-based Signature Bank has been popular among crypto companies, especially after crypto-friendly Silvergate Bank SI, -11.27% said Wednesday it would close its operations. Signature Bank provides deposit services for its clients’ digital assets, but does not invest in, does not trade, does not hold on its own balance sheet or provide custody of digital assets, and does not lend against or make loans collateralized by such assets, the company said.
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