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Regulation
Published March 12, 2023 7:43pm EDT


SIGNATURE BANK SHUT DOWN IN CONNECTION WITH SILICON VALLEY BANK COLLAPSE


FOUNDED IN 2001, THE NEW YORK-BASED SIGNATURE BANK WAS POPULAR AMONG CRYPTO
COMPANIES

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By Bradford Betz FOXBusiness
close
video


MEB FABER SAYS HE DOES NOT EXPECT ‘CONTAGION’ AFTER SVB COLLAPSE

Cambria Investment Management CIO and co-founder Meb Faber reacts to the Silicon
Valley Bank collapse and casts his market predictions on ‘Barron’s Roundtable.’

Federal regulators on Sunday said New York-based Signature Bank was being shut
down to protect consumers and the financial system following the collapse of
California’s Silicon Valley Bank. 




The announcement came in a joint statement from the U.S. Treasury Department,
the Federal Reserve, and the Federal Deposit Insurance Corporation. The
regulators said SVB clients will have access to their money starting Monday, at
no expense to the American taxpayer. 

A worker arrives to the Signature Bank headquarters in New York City, U.S.,
March 12, 2023. (REUTERS/Eduardo Munoz / Reuters Photos)

A similar program, they said, was being enacted for Signature Bank, which was
closed Sunday by its state chartering authority. 

"All depositors of this institution will be made whole," the joint statement
read. "As with the resolution of Silicon Valley Bank, no losses will be borne by
the taxpayer." 



A spokesperson for Signature Bank declined to comment. 



Founded in 2001, the New York-based Signature Bank was popular among crypto
companies. The institution provided deposit services for its clients’ digital
assets but did not make loans collateralized by them.  

SILICON VALLEY BANK POSTED ‘FINANCIAL CRIMES’ SENIOR MANAGER JOB LISTING JUST
BEFORE CLOSURE



Leading up to SVB’s collapse, the bank said it had been trying to reduce these
deposits. As recently as Thursday, Signature said it was in a "well-diversified
financial position" and had "limited digital-asset related deposit balances in
the wake of industry developments." 



"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. DePaolo, Signature Bank
Co-founder and Chief Executive Officer said in a statement. 

FILE: A worker (C) tells people that the Silicon Valley Bank (SVB) headquarters
is closed on March 10, 2023, in Santa Clara, California. (Justin Sullivan/Getty
Images / Getty Images)

"We have built a strong reputation serving commercial clients through nine
business lines and reached in excess of $100 billion in assets by continually
executing our single-point-of-contact, relationship-based model where banking
teams are capable of meeting all client needs." 



Signature was notable for having former Democratic Congressman Barney Frank on
its Board. Frank’s signature Dodd-Frank Act, crafted in the wake of the 2008
financial crash, sought to improve accountability and transparency in the
financial system. 

Under that law, banks with assets in excess of $50 billion were deemed as being
potentially "too big to fail," and were therefore subject to a host of rigorous
testing and regulation. 

CLICK HERE TO GET THE FOX BUSINESS APP



In 2018, President Trump signed the Economic Growth, Regulatory Relief, and
Consumer Protection Act, which rolled back key regulations in the Dodd-Frank
bill. 




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Personal Finance
 * Mortgages
 * Student Loans
 * Credit Cards
 * Personal Loans
 * Savings
 * Insurance
 * 401k
 * Retirement
 * Tax Planning

Economy
 * Government Spending
 * Money & Policy
 * Small Business
 * Inflation

Markets
 * Stocks
 * US Markets
 * Cryptocurrency
 * Futures & Commodities
 * Bonds
 * ETFs
 * Business Leaders
 * Industries
 * Retail
 * Pre-Markets
 * Mutual Funds

Watchlist
Lifestyle
 * Entertainment
 * Rich & Famous
 * Travel
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 * Airplanes
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 * AI
 * Space

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 * Boxing
 * Soccer
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 * Varney & Co
 * Cavuto: Coast to Coast
 * Making Money with Charles Payne
 * The Claman Countdown
 * Bulls & Bears
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