The news is flying faster than I can keep up with it today.
On the heels of the Silicon Valley Bank failure, we just got a second one…
Signature Bank out of New York has just collapsed.
BREAKING: Signature Bank of New York has just collapsed.https://t.co/WbqTs6b1DA
March 12, 2023
Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank
Superintendent https://t.co/uWMcCrSXAe… https://t.co/8LZwwc1LHJ
— DailyNoah.com (@DailyNoahNews) March 12, 2023
*Signature Bank has been closed
*All depositors of Silicon Valley Bank and Signature Bank will be fully protected
*Shareholders and certain unsecured debtholders will not be protected
*New Fed 13(3) facility announced with $25 billion from ESF to backstop bank deposits pic.twitter.com/LKipIRMg1T
— Nick Timiraos (@NickTimiraos)