Another US Lender Signature Bank Collapses Within Two Days After News Of Silicon Valley

Signature Bank Crisis: America is once again on the cusp of a decade-and-a-half old banking crisis. It has been feared since the collapse of Silicon Valley Bank on Friday last week. Now the information about the sinking of another bank has come to the fore, whose name is Signature Bank Collapse. Along with this, the danger of the banking crisis becoming serious has also increased.

billions of dollars of stranded people

After the condition of Silicon Valley Bank worsened, the authorities closed it on Friday last week. Two days later i.e. on Sunday, the authorities decided to close Signature Bank as well. It is being described as the third biggest failure in the banking history of America. In this way, in just a few days people’s deposits worth billions of dollars have got stuck.

The bank had so much assets

New York’s Department of Financial Services reported that the Federal Deposit Insurance Corporation has taken control of Signature Bank. According to information, Signature Bank had total assets of $110.36 billion at the end of last year. The deposits with the bank stood at $88.59 billion.

The government gave this assurance

Due to the sinking of two consecutive banks, there is an atmosphere of chaos in the American banking world. Mistrust has crept in especially among the depositors. In view of this, the US government and banking authorities are making every effort to restore confidence. The US Treasury Department and other bank regulators have issued a joint statement saying that all depositors of Signature Bank and Silicon Global Bank will get their money. No taxpayer will be allowed to suffer any loss.

biggest event of 2008

The biggest incident of bank sinking in America’s banking history happened in the 2008 financial crisis. In that crisis, the American bank Washington Mutual was closed. After that, the sinking of Silicon Valley Bank is the second worst incident in the banking history of America. Signature Bank is at the third place in this list.

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