LIVE NOW: Gov. Kathy Hochul addresses the failure of NY-based Signature Bank
Signature Bank, a New York State based financial institution with a big real estate lending business that recently also began serving the cryptocurrency industry, was closed by state authorities Sunday"This is an unusual circumstance," Hochul said. "But the main message I want to deliver is that New Yorkers should have confidence that their money is secure, and wherever they have chosen to bank, that that is protected.
Silicon Valley Bank , which catered to the tech industry started selling assets last Wednesday to balance its books. Instead, panic took over as customers and investors demanded their money. The FDIC had to step in to contain the fire., Europe's biggest bank, ensuring the security of 6.7 billion pounds of deposits.
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