![]() ![]() “Silicon Valley Bank almost quadrupled in size over three years, and Signature Bank more than doubled in that time,” said Sen. Lessons learned from that era were carried throughout the next decade-plus, as tighter underwriting standards and greater banking oversight became the new norm, with the microscope laser-focused on the banking space to prevent history from repeating itself. At the time of its closing, Signature Bank had 40 branches across the country in New York, California, Connecticut, North Carolina, and Nevada, and reported total assets of $110.4 billion and total deposits of $88.6 billion as of December 31, 2022.įor those who lived through the time of the financial crisis of 2007-2008, the vibe in early March of 2023 couldn’t help but evoke a dark chapter in the mortgage industry: memories of a time when the headlines were filled with the names of now-defunct bad actors such as Ameriquest, New Century, and Countrywide. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, NA, a full-service bank operated by the FDIC as it marketed the institution to potential bidders. Just days later, Signature Bank was closed by the New York State Department of Financial Services, which also appointed the FDIC as receiver. As of December 31, 2022, SVB reportedly had approximately $209 billion in total assets and nearly $175.4 billion in total deposits. ![]() This piece originally appeared in the May 2023 edition of MortgagePoint magazine, online now.Įarlier this year, Silicon Valley Bank (SVB) customers pulled $42 billion out of its institution-fueled by venture capitalists and their social media accounts-creating one of the largest and fastest bank runs in history.Ĭlosed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, SVB had 17 branches in California and Massachusetts.
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