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Added on : 2023-03-13 15:20:58

State regulators in USA shut down New York-based Signature Bank on Sunday, just two days after California authorities closed Silicon Valley Bank, marking the 3rd largest failure in US banking history. The shutdown is the result of the collapse of SVB Financial Group’s Silicon Valley Bank, with the economic meltdown spreading to other institutions.

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

“We are also announcing a similar systemic risk exception for Signature Bank, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole,” the statement said.

Editor & Publisher : Dr Dhimant Purohit


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