Signature Turmoil

Signature Turmoil. The state Department of Financial Services took over New York based Signature Bank this weekend. It failed following the collapse of Silicon Valley Bank last week. Signature has assets of 110 Billion and deposits of 88 Billion. It is the third largest bank failure in US history. Both banks folded as worried depositors rushed to withdraw cash from the beleaguered institutions. Treasury Secretary Yellen said the federal government will no longer bail out the banks. Depositors are insured up to 250,000 by the FDIC. The crisis underscores an erosion of confidence in the banking system. Hochul is expected to speak this morning on these developments. Signature Turmoil. Our leaders must contain the emergency by reassuring the public trust !!