Another Major US Bank Has Just Been Ordered Closed

A man entering Signature Bank in New York City on March 12, 2023. Reuters

CNBC: Regulators close crypto-focused Signature Bank, citing systemic risk

U.S. regulators on Sunday shut down New York-based Signature Bank, a big lender in the crypto industry, 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, a similar move to ensure depositors at the failed Silicon Valley Bank will get their money back. “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.

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WNU Editor: I sense panic. I also see a number of US banks being ordered to close this week.

This is not the start of the collapse. The collapse started a long time ago.

The debt defaults are on their way. It is going to be major and painful. And we are going to see the US Fed and Treasury doing stuff that we have never seen before.

Banks are going to be rescued and bailed-out to prevent contagion. And all that I can say is that this better work.

Update: You got to check this out. The Signature Bank website is closed "due to maintenance" (link here). It is closed all-right. But not due to maintenance.

Update #2: Crypto is going to be impacted by this crisis .... Coinbase had $240B cash balance at Signature Bank, expects full recovery (Alpha).

Another Major US Bank Has Just Been Ordered Closed

Regulators Race to Contain Silicon Valley Bank Fallout and Close Signature Bank -- New York Times

Regulators close New York's Signature bank, say depositors will be made whole -- Reuters

Signature Bank shut down by regulators -- Business Insider

Signature Bank shut down in connection with Silicon Valley Bank collapse -- FOX News

Feds to Pay All Depositors as Signature Bank Closes Following SVB Collapse -- Newsweek

Signature Bank shut down by regulators -- Busines Insider

Federal Reserve announces that ALL depositors at Silicon Valley Bank will be protected as another bank - Signature Bank - closes, and an auction is held for SVB's assets -- Daily Mail

Fed Panics: Signature Bank Closed By Regulators; Fed, TSY, FDIC Announce Another Banking System Bailout -- Zero Hedge