NEW YORK, March 13 — State regulators closed New York-based Signature Bank yesterday, the third largest failure in US banking history, two days after authorities shuttered...
NEW YORK, March 13 — State regulators closed New York-based Signature Bank yesterday, the third largest failure in US banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.
Employees appeared to gather at the company’s Manhattan headquarters for meetings on Sunday, ordering catering from Carmine’s, an Italian restaurant, and Starbucks coffee, according to a Reuters reporter on the scene. People trickled out of the building after the news of the closure was announced.Signature’s failure followed Silicon Valley Bank’s Friday shutdown, the second largest in US history behind Washington Mutual, which collapsed during the 2008 financial crisis.
The regulator named former Fifth Third Bancorp Chief Executive Greg Carmichael as CEO of the bridge bank. As of September, almost a quarter of its deposits came from the cryptocurrency sector, but the bank announced in December that it would shrink its crypto-related deposits by US$8 billion. In a statement, New York Governor Kathy Hochul said she hoped the US government’s actions on Sunday would provide “increased confidence in the stability of our banking system”.
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