The REAL REASON the Banks are Closing

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The REAL REASON the Banks are Closing
#banks #usnews #satire

Source:
Risky Bet on Crypto and a Run on Deposits Tank Signature Bank
Regulators said keeping open the 24-year-old institution, which held deposits from law firms and real estate companies, could threaten the financial system’s stability.

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A view of the exterior of the Signature Bank building in Manhattan from below, with its geometric outline framed by other skyscrapers.
According to regulatory filings, nine-tenths of Signature Bank’s roughly $88 billion in deposits were uninsured at the end of last year.Credit...Jeenah Moon for The New York Times

Matthew GoldsteinEmily Flitter
By Matthew Goldstein and Emily Flitter
March 12, 2023
Signature Bank, a New York financial institution with a big real estate lending business that had recently made a play to win cryptocurrency deposits, closed its doors abruptly on Sunday, after regulators said that keeping the bank open could threaten the stability of the entire financial system.

To some extent, Signature is a victim of the panic around Silicon Valley Bank, which regulators seized on Friday. Its closing underscores the challenges that face small and midsize banks, which often focus on niche lines of business and have a narrower base of customers than Goliaths like JPMorgan Chase or Bank of America. That leaves them especially vulnerable to old-fashioned bank runs.

Silicon Valley Bank, a lender to start-ups, imploded on Friday after some ill-timed financial decisions left it struggling to meet customer withdrawal requests — and just as slowing venture capital funding prompted fledging companies to tap their accounts more. Similarly, Signature became one of the few banks to welcome cryptocurrency deposits, just before the overheated industry blew up last year.

As word about Silicon Valley Bank’s troubles began to spread last week, business customers of Signature began calling the bank, asking if their deposits were safe. Many were worried that their deposits could be at risk because, like business customers of Silicon Valley, most had more than $250,000 in their accounts. The Federal Deposit Insurance Corporation, the entity that seized Silicon Valley, insures deposits only up to $250,000.
https://www.nytimes.com/2023/03/12/business/signature-bank-collapse.html

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