OAN Deven Berryhill
UPDATED 12:45 PM PT – Monday, March 13, 2023
The FDIC shut down Signature Bank on Sunday in efforts to prevent a growing banking crisis.
Federal regulators shut down the New York-based Signature Bank to protect “taxpayers” and the overall financial system. These decisions come following the collapse of California’s Silicon Valley Bank on Friday.
“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,” said in a joint statement by the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation. “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.”
ICYMI🚨: Signature Bank has been closed by U.S. regulators.
New York Department of Financial Services (DFS) has taken possession of Signature Bank in order to protect depositors pic.twitter.com/fDxMOlaOsk
