The Board of Governors of the US Federal Reserve has taken immediate action to close Signature Bank.
The Federal Reserve explained in a March 12 press release that the decision was made to protect the US economy by bolstering public confidence in the banking system.
“This measure will ensure that the US banking system continues to perform its vital functions of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”
“Depositors will have access to all their money starting Monday, March 13. Any loss associated with the resolution of the Silicon Valley Bank case will be borne by the taxpayer,” according to the statement.
Signature Bank has closed, according to a Federal Reserve press release
This is a developing story and will be updated as soon as more information is available.
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