Federal and state banking regulators announced Sunday that Signature Bank, one of the main financial institutions for cryptocurrency firms, had been shut down.
The decision to shutter the New York-based bank was revealed in a joint statement from the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation. The trio said that the FDIC would make customers of Signature and Silicon Valley Bank, whose Friday collapse sparked fears of a possible banking crisis, whole. The Signature failure is the third-largest in U.S. banking history, while SVB is the second.
The FDIC also established a"bridge" successor bank, which will enable Signature customers to access their funds on Monday morning. The regulator named Fifth Third Bancorp CEO Greg Carmichael as chief executive of the bridge bank. New York Gov. Kathy Hochul, a Democrat, said Sunday that she hoped the U.S. government's actions would provide"increased confidence in the stability of our banking system."
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