U.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
A Signature Bank representative declined to comment.
Signature Bank, a New York state-chartered commercial bank that’s FDIC-insured, had total assets of about $110.36 billion and total deposits of roughly $88.59 billion as of Dec. 31, the New York Department of Financial Services said in a separate statement.Silicon Valley Bank abruptly became the biggest U.S. lender to fail in more than a decade on Friday, unraveling in less than 48 hours after outlining a plan to shore up capital.
U.S. regulators are racing against the clock to find solutions for failed Silicon Valley Bank and stop a potential contagion from spreading to other lenders. Treasury Secretary Janet Yellen said Sunday that she approved a resolution for Silicon Valley Bank “that fully protects all depositors.
New York’s Department of Financial Services is in “close contact with all regulated entities in light of market events, monitoring market trends and collaborating closely with other state and federal regulators to protect consumers, ensure the health of the entities we regulate and preserve the stability of the global financial system,” Superintendent Adrienne A. Harris said in her agency’s statement.
Silvergate Capital Corp., another bank hit hard by FTX’s implosion that spent recent weeks bombarded by short sellers, deserted by depositors and shunned by business partners, said last week it was closing its doors, just days before Silicon Valley Bank’s seizure.
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Signature Bank closed by New York regulators in fallout from implosion of SVBU.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
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