Another One: Signature Bank Closed by Regulators

According to CNBC, on March 12, crypto-focused Signature Bank was closed by the New York State Department of Financial Services to prevent systemic financial risk. With Silicon Valley Bank having just failed two days earlier and still dominating the headlines, it was surprising to see another bank collapse so soon. Of course, after taking over the bank, regulators likewise announced that depositors would be able to recover their funds, just as they did with Silicon Valley Bank.

Setting aside the reasons for the closure, a bank failure is always unsettling.