NY bank's demise: Contagion or a problem with the business?
1 year, 9 months ago

NY bank's demise: Contagion or a problem with the business?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. By the same measure, it was also the third largest U.S. bank to fail, after Washington Mutual's collapse in 2008 and Silicon Valley Bank's demise last week. Konstantin Shulga, co-founder and CEO of Cyprus-based Finery Markets, which connects cryptocurrency businesses with banks and other businesses, said that many of his firm's clients banked with Signature or Silvergate Capital, which last week voluntarily shut down its bank, warning it could end up “less than well capitalized.” Shulga said that having so few banks catering to the cryptocurrency industry is a problem. Twice in March, Signature took the uncommon step of issuing financial updates as depositors fled Silicon Valley Bank, which was taken over by regulators two days before Signature was. "We intentionally maintain a high level of capital, strong liquidity profile and solid earnings,” Eric Howell, then Signature Bank's president and chief operating officer, said in a statement March 9, three days before the bank in its old form ceased to exist, "which continues to differentiate us from competitors, especially during challenging times.”

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