U.S. regulators close New York's Signature Bank following Silicon Valley Bank collapse

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U.S. regulators close New York's Signature Bank following Silicon Valley Bank collapse

STORY: U.S. regulators close New York's Signature Bank following Silicon Valley Bank collapse DATELINE: March 14, 2023 LENGTH: 0:00:52 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of Signature Bank STORYLINE: New York-based Signature Bank, a key lender in the crypto industry, was shut down Sunday by state regulators over a "similar systemic risk exception." This is according to a joint statement by the U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). The move came two days after California's Silicon Valley Bank (SVB) collapsed as depositors rushed to withdraw funds. Regulators promised that all depositors of Signature Bank "will be made whole," and "as with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer." The authorities also said "shareholders and certain unsecured debtholders will not be protected." Founded in 2001, Signature Bank is a New York state-chartered commercial bank. Xinhua News Agency c

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