State regulators closed New York\u002Dbased Signature Bank on Sunday, days after California authorities shuttered Silicon Valley Bank
The bank’s failure followed Silicon Valley Bank’s Friday shutdown, the largest failure since Washington Mutual went bust in 2008 during the financial crisis.to their deposits starting on Monday. The federal government also announced actions to shore up deposits and stem any broader financial fallout from the collapse of the tech startup-focused lender.
As of September, almost a quarter of Signature’s deposits came from the cryptocurrency sector, but the bank announced in December that it would shrink its crypto-related deposits by $8 billion.Article content The bank had had a long-standing relationship with former President Donald Trump and his family, providing Trump and his business with checking accounts and financing several of the family’s ventures. Signature Bank cut off ties with Trump in 2021 following the deadly Jan. 6 riots on Capitol Hill and urged Trump to resign.
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