The FDIC released a report highlighting the reasons behind SNBY’s failure.
The regulator blames poor management and inadequate risk management.
In March 2023, three major crypto-friendly banks closed in a span of five days. Silvergate Bank voluntarily closed on March 8, 2023, with around $12 Billion in assets, Silicon Valley Bank itself went into the receivership of the Federal Deposit Insurance Corporation (FDIC) on March 10, with $200 Billion in assets, and Signature Bank of New York (SBNY) was closed by state regulators on March 12, 2023, with $100 Billion in assets. The U.S. FDIC released a post-more report of SBNY blaming poor management and meager risk management practices for closure.
The U.S. FDIC Reseales SBNY Post-Mortem Report
Federal regulators closed Signature Bank of New York on March 12, 2023, to protect the United States economy and reinforce public confidence in the already fragile banking system. They appointed the FDIC to handle the insurance process. After mor
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