BREAKING: U.S. regulators shut down New York-based Signature Bank, a second financial institution they shuttered after Silicon Valley Bank's collapse.
, a big lender in the crypto industry, in a bid to prevent the spreading banking crisis.
"We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority," Treasury, Federal Reserve, and FDIC said in a joint statement Sunday evening. The banking regulators said depositors at Signature Bank will have full access to their deposits, a similar move to ensure depositors at the failed"All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer," the regulators said.
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