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New York’s Signature Bank Closed By Regulators Due to Systemic Risk

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Signature Bank was closed by New York state financial regulators on Sunday, All depositors of Silicon Valley Bank and Signature Bank will be fully protected and will have access to their money on Monday according to statement from US Treasury Department, The Federal Reserve, and Federal Insurance Deposit Corps. Shareholders and certain unsecured debtholders will not be protected*New Fed 13(3) facility announced with $25 billion from ESF to backstop bank deposits.

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