SVB Collapse: Federal regulators shut down Signature Bank in New York
Another bank,
Signature Bank New York, which worked with cryptocurrency companies, was closed by the state chartering authority,
All depositors will be able to receive 100% of their money, federal regulators said.
"All depositors of this institution will be made whole. As with the resolution of
"Shareholders and certain unsecured debt holders will not be protected," the agencies said. "Senior management has also been removed. Any losses to the
The deposits and assets of
The
Customers will be able to resume their banking activities on
All depositors and customers with loans will "automatically become customers of
The regulators said shareholders and certain unsecured debt holders will not be protected.
The new bank,
"It assumes the deposits and certain other liabilities and purchases certain assets of a failed bank," the
The
The agencies said the "
This is the second bank closure in three days.
Fed offers $25B to help troubled U.S. banks, FDIC to cover large accounts in SVB, Signature Bank failures
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