By: Economic & Finance Report
Three major commercial US banks have been seized by USA regulators; in the past and present of financial banking takeovers. New York headquartered bank, Signature Bank (SBNY) was the latest financial institution to go under.
Signature (SBNY) was the 3rd largest commercial bank to collapse in the history of the USA; after Silicon Valley Bank (SVB on Thursday, March 10, 2023) & Washington Mutual Bank (in 2008). SBNY had over 110 billion dollars in assets before being shut down on Saturday, March 11, 2023. It was the 29th biggest bank in the US (by assets class). US Treasury Secretary Janet Yellen announced all the depositors, who deposited at SBNY will be getting their money back.
The questions now becomes when and how soon? Signature (SBNY) primarily had crypto clients and was friendly to the cryptocurrency community, so the impact has not fully been pronounced, as far as how bad it is altogether. The government has indicated the impact is limited and people who deposited in the bank will get all their money they deposited. Signature (SBNY) collapsing, is one of the many financial collapses that many are intently watching; as other institutions may very well follow. -SB
Image Source: Signature Bank