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Regulators shut down New York City based Signature Bank on Sunday, a financial institution which had previously cut ties with President Donald Trump following the riot at the US Capitol on January 6, 2021.
Signature Bank is the second financial institution shuttered by the Federal Deposit Insurance Corporation (FDIC) this week after Friday's collapse of Silicon Valley Bank. According to CNBC, "Signature is one of the main banks to the cryptocurrency industry. As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing."
On January 12, 2021, the bank told The New York Post that it had begun the process of closing Trump’s two personal accounts and “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
According to the outlet, Signature also posted a “scathing statement” on its website slamming Trump stating, “We have never before commented on any political matter and hope to never do so again.”
The statement continued, “We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty. At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people.”
Other financial institutions including Deutsche Bank followed suit in cutting ties with Trump.
After federal regulators shut down Signature bank on Sunday, the FDIC, Treasury Department, and Federal Reserve jointly released a statement that said, "We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole," noting "as with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”
The statement also referenced Silicon Valley Bank’s collapse and said they had "approved actions enabling the FDIC to complete resolution of Silicon Valley Bank… in a manner that fully protects all depositors."
"The Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors."
Signature Bank is the second financial institution shuttered by the Federal Deposit Insurance Corporation (FDIC) this week after Friday's collapse of Silicon Valley Bank. According to CNBC, "Signature is one of the main banks to the cryptocurrency industry. As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing."
On January 12, 2021, the bank told The New York Post that it had begun the process of closing Trump’s two personal accounts and “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
According to the outlet, Signature also posted a “scathing statement” on its website slamming Trump stating, “We have never before commented on any political matter and hope to never do so again.”
The statement continued, “We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty. At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people.”
Other financial institutions including Deutsche Bank followed suit in cutting ties with Trump.
After federal regulators shut down Signature bank on Sunday, the FDIC, Treasury Department, and Federal Reserve jointly released a statement that said, "We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole," noting "as with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”
The statement also referenced Silicon Valley Bank’s collapse and said they had "approved actions enabling the FDIC to complete resolution of Silicon Valley Bank… in a manner that fully protects all depositors."
"The Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors."
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