California officials announced the closure of New York-based Signature Bank after the closure of Silicon Valley. It has become the third largest failure in US banking history. The news of Signature Bank’s failure comes after the closure of Silicon Valley Bank. 2008 This is the second largest banking collapse in US history. Signature Bank has been taken over by the Federal Deposit Insurance Corporation (FDIC) in the New York State Department of Financial Services. It is being told that this bank had assets of $ 110.36 billion at the end of last year and $ 88.59 was deposited in its accounts.

Significantly, the US Treasury Department and other bank regulators have said in a joint statement that all depositors of Signature Bank and Silicon Valley Bank will be paid and taxpayers will not have to bear any loss.

Significantly, the sudden closure of these banks in America will not only affect the American economy, but also questions have been raised on the banking system there. People are also raising questions on the monitoring of the regulator of the banking system. What was the Federal Reserve doing after all that suddenly the time has come for the closure of the banks. Amazingly, just on March 7, SVB Financial Group took pride in being included in the Forbes list continuously. There are reports of closure of this bank which has been running for 40 years.