What was the main reason for Signature Bank's closure in 2023?
Bankruptcy
Money laundering investigation
Customer withdrawals
Regulatory violations
Answer
Signature Bank was closed in 2023 due to nervous customers withdrawing more than $10 billion in deposits after the failure of Silicon Valley Bank and the closure of Silvergate Bank. It was the third-largest bank failure in U.S. history.
Signature Bank Knowledge Showdown: 20 Questions to Prove Your Worth
More Questions
Which department was investigating Signature Bank for its failure to scrutinize clients' activities for signs of money laundering?
Who founded Signature Bank in 2001?
How many private client offices did Signature Bank have?
Which industry did Signature Bank's subsidiaries provide equipment financing and investment services for?
What was the amount of Signature Bank's deposits at the end of 2022?
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