JAKARTA – The banking regulator of United States of America in New York has officially dissolved Signature Bank starting yesterday (12/3), just two days after the dissolution of Silicon Valley Bank (SVB) last Friday (10/3).

Quoted from Reuters today (13/3), Federal Deposit Insurance Corporation (FDIC) has reportedly taken over Signature Bank, which boasted total assets of USD 110.36 billion and recorded deposits of USD 88.59 billion last year.

In the joint statement, the officials of the Department of Finance of US and other banking regulators, claimed that the deposits of Signature Bank and SVB will be kept intact. “There will be no losses incurred to the taxpayer.”

Signature Bank is a commercial bank with nine business lines under its belt, including the commercial real estate and digital assets banking. In September 2022, almost a quarter of its savings came from cryptocurrency. Then, in December 2022, said bank announced that its crypto-related savings had shrunk USD 8 billion. (LK/ZH)