Signature Bank shut down by regulators
In an attempt to prevent a spreading financial crisis, regulators shut down the crypto-friendly Signature Bank, New York, on Sunday, promising to make its depositors whole.. Customers of both tech-friendly institutions will be bailed out by the US Treasury, Federal Reserve, and Financial Deposit Insurance Corporation, with their funds available beginning Monday.
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
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.
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