DePaolo, Signature Bank Co-founder and Chief Executive Officer said in a statement. “We want to make it clear again that Signature Bank is a well-diversified, full-service commercial bank with more than two decades of history and solid performance serving middle market businesses,” Joseph J. Prior to the SVB collapse, Signature said it had been trying to limit such deposits, pledging it was in a “well-diversified financial position” and had “limited digital-asset related deposit balances in the wake of industry developments.” Signature Bank became “popular among crypto companies” and provided “deposit services for its clients’ digital assets but did not make loans collateralized by them” according to Fox Business. The bank that was just closed, Signature Bank, is the one that Barney Frank joined after retiring from Congress /25TNEFn3GK *New Fed 13(3) facility announced with $25 billion from ESF to backstop bank deposits /LKipIRMg1T *Shareholders and certain unsecured debtholders will not be protected *All depositors of Silicon Valley Bank and Signature Bank will be fully protected It was the 16th largest bank in the country. Silicon Valley Bank collapsed last Friday after depositors rushed to withdraw money in fear of its impending fall. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.” “All depositors of this institution will be made whole. “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,” it added. 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.” economy by strengthening public confidence in our banking system,” the joint statement read. “Today we are taking decisive actions to protect the U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced in a joint statement on Sunday the plan to manage the fallout of SVB’s collapse as well as the demise of Signature Bank. Barney Frank (D-MA), author of the 2010 Dodd-Frank bill, sat on the board for Signature Bank which collapsed in the wake of the Silicon Valley Bank (SVB) implosion.
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