The notice comes after NYCB’s purchase of most of Signature’s deposits and loans.
After Signature was placed in receivership by the FDIC, the process of bidding for its remaining business operations, as well as the branding associated with the company, kicked off.
The FDIC’s takeover came shortly after the collapse of both Silvergate and SVB. The decision was possibly due to the ongoing investigation into Signature’s dealings, during which Signature Bank representatives could not provide accurate data regarding the deficit incurred after SVB went bankrupt.
Gruenberg: Signature Bank lost 20 of its deposits in a matter of hours on March 10, the day SVB was shut.
Signature had a negative balance at the Fed at the close of business, and “bank management could not provide accurate data regarding the amount of the deficit.” pic.twitter.com/679dNnnrzJ
— Nick Timiraos (@NickTimiraos) March 27, 2023
Divestment Decided By Bank
At the time, there were rumors that any company that intended to buy Signature Bank had to agree to divest from the crypto industry. Signature Bank, which, alongside Silvergate, provided much of the infrastructure for crypto businesses, was, in reality, not forced to divest from the crypto industry.
