State Regulators Take Control of Signature Bank after Becoming Next Casualties of Financial Mess

Signature Bank has become the next casualty amid the current financial mess in the U.S. as state regulators closed the New York-based bank, just two days after the closure of Silicon Valley Bank.

The Federal Deposit Insurance Corporation (FDIC), who recently took control of Silicon Valley Bank, moved in to operate Signature Bank on Sunday, which had $110.36 billion in assets and $88.59 in deposits at the end of last year.

Regarding the deposits in the two banks, the U.S. Treasury Department and other bank regulators said in a joint statement that all of the depositors will be made whole, and “no losses will be borne by the taxpayer”.

Signature Bank is a major lender to the cryptocurrency industry.