Following Silicon Valley Bank (SVB) in the United States, a bank with a similar portfolio of Signature Bank shares closed. The regulator in New York State made this decision due to systemic risks, according to a joint statement by the US Department of the Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation, writes on March 13 RBC.
All bank depositors, as in the case of SVB, will have full access to their deposits, and the taxpayer will not suffer any losses. Top management was removed from office.
Commercial Signature Bank had total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022, according to the New York City Department of Financial Services.
On March 11, SVB went bankrupt, which began to have problems after the closure of the Silvergate cryptocurrency bank, which invested in startups. This caused concern in the market and the rapid sale of industry shares by investors. Silicon Valley Bank has become the largest bank to fail in the 15 years since the 2008 global economic crisis.