Update 3/13/23: On March 12, 2023, Signature
Bank was closed by New York State's Department of Financial
Services.
Also on March 12, 2023, the Treasury, the Federal Reserve Board,
and the FDIC jointly announced that additional funding would be
provided to ensure both Silicon Valley Bank and Signature Bank have
the ability to make their deposit account holders whole, including
deposit account balances exceeding the FDIC's insurance limit,
by Monday, March 13, 2023. The Federal Reserve Board also announced the creation of a new Bank Term
Funding Program offering discount window loans to banks and other
eligible depository institutions as a source of liquidity in times
of stress.
Overview
