After SVB Bankruptcy Signature Bank

After Silicon Valley, another American bank has gone bankrupt. New York-based Signature Bank was declared bankrupt by the authorities. The announcement was made by the FDIC, the US Bank, and Financial Institutions Regulatory Authority. Reuters news.

The Federal Reserve, the Federal Deposit Insurance Corporation, and the US Department of the Treasury say the cryptocurrency-dealing bank was closed on Sunday (March 12). The share price of the bank in the stock market fell at an alarming rate. In this situation, the federal authorities have promised to help the depositors of the bank to fully recover their money and meet customer needs.

When Silicon Valley Bank customers started withdrawing their money last week, Signature Bank customers also panicked. Because of the amount of their deposit to more than two and a half million dollars. The country's Federal Deposit Insurance Corporation or FDIC protects deposits up to two and a half million dollars, not more.

Financial regulatory agencies including the US Treasury said in a joint statement that importers can withdraw money deposited in the bank. Earlier, Silicon Valley Bank was declared bankrupt by the authorities.