Regulators close New York’s Signature Bank, citing systemic risk

Oh oh, I hope this is not a new trend, now we have another bank getting closed by the Feds. Republic bank seems to be in trouble as well.

Oh my, I need to go shopping tomorrow.



www.cnbc.com...

U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution they shuttered after Silicon Valley Bank’s collapse.

“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 joined statement Sunday evening.

Customers Line Up Outside First Republic Bank To Take Their Money Out – After SVB Bank Collapsed

nybreaking.com...

Dozens of customers lined up outside a First Republic Bank in Northern California on Saturday eager to withdraw their funds after the collapse of Silicon Valley Bank.

Fears arose after SVB’s demise for the future of First Republic as analysts pointed to similarities between the estimated value of its assets and their actual value.

Brentwood is located in the Golden State wine-growing community just south of Napa Valley, and the area’s vineyards, notably Bloomfield, Tamayo, and Hannah Nicole, have gained international attention in recent years.

The news of the collapse of Silicon Valley Bank shocked the wine industry. It had been the primary financial institution for California wineries for nearly three decades.

The California Department of Financial Protection and Innovation closed the bank on Friday after depositors, worried about the financial health of the lender, rushed to withdraw their deposits. The frenzied two-day run on the bank stunned observers and stunned the markets, wiping out more than $100 billion in market value for US banks.

Meanwhile, it is being reported that bonuses were paid to staff of SVC just HOURS before bank collapsed. They got their cash before the bank collapsed, go figure. Appears they paid out their bonuses EARLY as well.... I wonder why?

www.dailymail.co.uk...

The announcement comes as it was revealed that employees at the Santa Clara-based bank received their annual bonuses just hours before the bank collapsed.

Those payments had been processed in the days before SVB collapsed, as the bank normally paid its employees bonuses on the second Friday of every month, CNBC reports.

It is unclear how much the more than 8,500 employees received for the work they did in 2022, but SVB bonuses can range from about $12,000 for associates to $140,000 for managing directors, according to Glassdoor.

There are runs on multiple banks as we speak.
Not trying to create any panic, however the facts
need to be known, the economy is not sound.

There are going to be mass layoffs, and it
will escalate from here.

a reply to: infolurker

thepostmillennial.com...

What will tomorrow bring?

a reply to: JinMI

We had Hoovervilles during the Great Depression. Might I suggest Biden Bunkers for Great Depression 2?

a reply to: Ahabstar

Victory garden, chickens and armed neighbors.

I don't know if I've the patience nor will to hide in a bunker.

a reply to: infolurker
I'm not sure if the trend will continue, but this article from Friday is about an invested that shorted Silvergat and SVB.

He thought Signature would be next, and went on to say this about Signature Bank: "“This is a worldwide money-laundering story.”

Market Insider

I'm expecting credit card companies to start dropping their customers borrowing limits next.

Starting with January 2020 it sure looks like we're watching/living a slow, controlled demolition. It couldn't be going any smoother if it was planned....

a reply to: nugget1

Building 7 would like a world.



...too soon?

This is not just bad decisions and poor management, this was all planned ahead. Now figure out WHY 🤣

Think hard people. Think VERY HARD 🤣

The answers are right behind the open door ✅

a reply to: Idelb06

I just heard about Sivergate, I guess it dived a couple of days before SVB.


www.thestreet.com...

Crypto Bank Silvergate Collapsed

Two days earlier, Silvergate, the crypto bank, collapsed. The bank was where most of the big crypto firms went, because traditional banks did not want to do business with them. And that reluctance stemmed from warnings from regulators who consider the crypto industry a risky sector.

originally posted by: JinMI
a reply to: infolurker

thepostmillennial.com...

What will tomorrow bring?

Bank websites crashing.

Is this good for mortgaged homeowners?

I mean, if the bank closes that holds your note, who’s going to know when you missed your payment?

Asking for a friend.

PacWest Bancorp stock down 55% in last 5 days

originally posted by: glend
PacWest Bancorp stock down 55% in last 5 days

☣️

Monday should be fun

Another Jim Cramer recommendation, who would have guessed?

Twitter

It's looking like a good time to support your local credit union.

a reply to: infolurker

It looks like there are a few banks that are in bad shape.

This article list 10 more banks that are at risk of collapse.


Cryptopolitan

“We have never before commented on any political matter and hope to never do so again,” said the New York-based bank led by Joseph J. DePaolo. “However, as Americans we are deeply, deeply saddened by the rioting and insurrection which took place in the most sacred of American institutions, our United States Capitol.”

As well as closing Trump’s personal accounts at the bank, Signature has also warned it “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”

No date on this but I assume it's from 2021