Now New York’s Signature Bank shutdown in the US

Within three days 2^nd bank in the US goes bankrupt !

New York – Followed by Silicon Valley Bank now Signature Bank in the US has been shut down. Signature Bank is one of the regional banks in the US. As of September, almost a quarter of Signature’s deposits came from the cryptocurrency sector, but the bank announced in December that it would shrink its crypto-related deposits by $8 billion.

State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and stranded billions of dollars of deposits. @Nupursays has the story https://t.co/nJlMpfO9ku pic.twitter.com/X7GaFI06oX

— Reuters Business (@ReutersBiz) March 13, 2023

The US Treasury Department and other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole, and “no losses will be borne by the taxpayer.”

(Credit : ABC News)

New York banking regulators appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver for the later disposition of the bank’s assets. Signature Bank reported deposit balances totaling $89.17 billion as of 8^th March.