FDIC Gives Signature Bank Customers One Week to Withdraw Their Funds
The FDIC has informed Signature Bank that customers with digital asset-related accounts have until April 5 to close them and withdraw their funds. If customers fail to do so, the Corporation will send checks to the address specified in the database.
The deal signed by Signature Bank and its competitor, Flagstar Bank, a subsidiary of NYCB, on March 19 excluded deposits of crypto firms, which accounted for $4 billion, or 4.5% of the total.
The agreement gave the buyer access to Signature Bank’s assets worth $38.4 billion, including a portfolio of loans discounted by $2.7 billion.
At the last reporting date, Signature Bank’s assets totaled $110.4 billion, including $88.6 billion in deposits, with $60 billion remaining in the FDIC’s possession.
Reuters has reported that the FDIC has asked banks interested in acquiring Silicon Valley Bank (SVB) and Signature Bank to not participate in any activities related to cryptocurrencies.
