Regulators Shut Down New York-based Signature Bank
Signature Bank, a regional-size lender headquartered in New York with a significant cryptocurrency exposure, was shut down by US regulators on Sunday after experiencing a massive drop in its stock price.
According to reports from the news site Globes, Signature Bank was established in 2000 by Bank Hapoalim of Israel. The bank went public in 2004, and Bank Hapoalim divested its ownership stake in the company in 2005.
At more than $110 billion in assets, Signature Bank is the third-largest bank failure in US history.
Depositors will still have access to their money, they said. The bank’s senior management was removed in accordance with regulations.
“All depositors of this institution will be made whole,” the statement said.