03-14-2023, 11:57 AM
- On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC.
- That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late Sunday that Signature was being taken over to protect its depositors and the stability of the U.S. financial system.
- “I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” said board member and former congressman Barney Frank.
![[Image: 107207276-1678675550867-gettyimages-1248...p&vtcrop=y]](https://image.cnbcfm.com/api/v1/image/107207276-1678675550867-gettyimages-1248106828-AA_13032023_1107077.jpeg?v=1678722151&w=740&h=416&ffmt=webp&vtcrop=y)
On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC.
That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late Sunday that Signature was being taken over to protect its depositors and the stability of the U.S. financial system.
- More -