Regulators close New York's Signature Bank, citing systemic risk

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U.S. regulators said Sunday that it unopen down New York-based Signature Bank, a 2nd fiscal instauration they shuttered aft Silicon Valley Bank's collapse.

"We are besides announcing a akin systemic hazard objection for Signature Bank, New York, New York, which was closed contiguous by its authorities chartering authority. All depositors of this instauration volition beryllium made whole. As with the solution of Silicon Valley Bank, nary losses volition beryllium borne by the taxpayer," Treasury, Federal Reserve, and FDIC said successful a joined statement.