U.S. Regulators Take Control of a Second Bank
Following the take over last week of Silicon Valley Bank (SVB), U.S. banking regulators took control of Signature Bank on Sunday, March 12th. An announcement was released jointly by the Federal Reserve, Treasury Department and Federal Deposit Insurance Corp. (FDIC) Sunday night to ease depositors’ fears which might prompt them to pull their money from smaller lenders following the takeover of SVB.