Signature Bank was closed by regulators on Sunday, the second massive bank failure in three days.
The New York-based bank faced a crisis of confidence after midsize lender SVB Financial Corp. was seized by regulators on Friday. Signature was also reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets. The failure is the third-largest in U.S. history.
Source: Signature Bank Is Shut by Regulators After SVB Collapse – WSJ