State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities shuttered Silicon Valley Bank. | Reuters
A locked door to a Silicon Valley Bank location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. REUTERS/Jeffrey Dastin/File photo
U.S. officials on Sunday said Silicon Valley Bank customers will have access to their deposits starting on Monday. The federal government also announced actions to shore up deposits and stem any broader financial fallout from the collapse of the tech startup-focused lender. As of September, almost a quarter of Signature’s deposits came from the cryptocurrency sector, but the bank announced in December that it would shrink its crypto-related deposits by $8 billion.
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