A Second Bank CLOSED by FDIC: Who’s Next and What Should We Do?
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A Second Bank CLOSED by FDIC: Who’s Next and What Should We Do?
MARCH 13, 2023
By Daisy Luther
After Silicon Valley Bank had its deposits seized by the FDIC, on a Friday, as predicted, there’s a sense of unease across the country. Depositors have been unable to access their funds, and we’re all wondering, “Am I next?” Many of us are quickly making a transition to physical investments we can hold in our hands because the future of banking is incredibly concerning.
On Sunday night, a second bank was closed by regulators and its deposits have also been put in control of the FDIC. Signature Bank out of New York was shut down to “protect consumers and the financial system,” according to a joint statement released by the U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation.
According to that statement:
Depositors of the Silicon Valley Bank will have access to all of their money – following the bank’s failure on Friday – at no loss to American taxpayers…
…”Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the joint statement read. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”
The statement said Treasury Secretary Janet L. Yellen had approved actions enabling the FDIC to complete its resolution of SVB “in a manner that fully protects depositors.”
Depositors will have access to all of their money starting Monday, March 13. The taxpayer will bear no losses associated with the resolution of SVB.
Notably, the regulators’ statement also announced the shutdown of New York-based Signature Bank.
“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” the joint statement read.
So that’s two down.
And while they’re saying that isn’t a bail-out, it sure sounds like a bail-out. More on that shortly.
What we could be facing is anything from “watch and wait” to bank runs to a market collapse. I’ll update throughout the day.
Beware the banking information blackout
I started writing this article on Sunday afternoon, and I’m finishing it at 3 am US time and will update today, Monday, March 14th, as the situation unfolds.
Congress has already talked about censoring any “bad actors” who dare to talk about this banking collapse.
Just got off of a zoom meeting with Fed, Treasury, FDIC, House, and Senate.
A Democrat Senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.
— Thomas Massie (@RepThomasMassie) March 13, 2023
Please watch your email (sign up here) or check back directly to get updates.
A number of sources I cited in my Sunday research have already been removed. If you click and face broken links, that’s why. I took screenshots of some things but not of others. (Unfortunately – silly me.) This is also why you may see sources here that I don’t generally use.
I’ll provide the best information I can during this crisis and my best assessment of what’s going on.
Who’s next?
You’re probably wondering who’s next. What banks will be targeted by the FDIC for shutdown, and is it one that YOU use?
While it’s impossible to predict – Signature Bank was not included in the warning lists that I’ve found – here’s what we know about banks with numbers that look similar to SVB, as well as some really interesting information about the collapse of Silicon Valley Bank that you may not have heard yet.
These banks are concerning some experts.
While it’s impossible to say which banks are next to fall, there are some institutions that are sitting in precarious situations. According to Morningstar.com, these banks “raised similar red margin flags to those of SVB.” They show negative accumulated other comprehensive income “as a percentage of total equity capital.” (NOTE: Since I wrote this article last night, the article on Morningstar.com has been taken down. Hmmm….some of that censorship that Congress was talking about?)
- Customers Bancorp Inc. of West Reading, PA
- First Republic Bank of San Francisco, CA
- Sandy Spring Bancorp Inc. of Olney, MD
- New York Community Bancorp Inc. of Hicksville, NY
- First Foundation Inc. of Dallas, TX
- Ally Financial Inc of Detroit, MI
- Dime Community Bancshares Inc. of Hauppauge, NY
- Pacific Premier Bancorp Inc. of Irvine, CA
- Prosperity Bancshare Inc. of Houston, TX
- Columbia Financial, Inc. of Fair Lawn, NJ
But these aren’t the only organizations at risk as per Morningstar. These had some of “the highest ratios of negative AOCI to total equity capital less AOCI.”
- Comerica Inc. of Dallas, TX
- Zions Bancorporation of Salt Lake City, UT
- Popular Inc. of San Juan, PR
- KeyCorp of Cleveland, OH
- Community Bank System Inc. of DeWitt, NY
- Commerce Bancshares Inc. of Kansas City, MO
- Cullen/Frost Bankers Inc. of San Antonio, TX
- First Financial Bankshares Inc. of Abilene, TX
- Eastern Bankshares Inc. of Boston MA
- Heartland Financial USA Inc. of Denver, CO
- First Bancorp FBNC of Southern Pines, N.C.
- Silvergate Capital Corp. of La Jolla, CA
- Bank of Hawaii Corp. of Honolulu, HI
- Synovus Financial Corp. of Columbus, GA
Some reports say that Silvergate, a crypto-focused bank, has already gone under.
Read more:
A Second Bank CLOSED by FDIC: Who’s Next and What Should We Do?
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The American Signature Bank also collapsed – Has a "domino" of bankruptcies begun?
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The American Signature Bank also collapsed – Has a "domino" of bankruptcies begun?
Despite the assurances of the US Treasury, something very bad is developing in the US banking market
The developments from the USA are rapid as a second American bank, Signature Bank, also collapsed a while ago.
The financial regulator in New York announced on Sunday that it has taken over Signature Bank.
Its bankruptcy trustee is the Federal Deposit Insurance Corporation (FDIC).
As of Dec. 31, 2022, Signature Bank had $88.59 billion in savings, the agency said.
This is the second US bank to collapse in a few days, after Silicon Valley Bank, while as pronews.gr has already informed, there is also a significant problem with First Republic Bank, based in Santa Clara, in San Francisco, California.
Signature Bank did not immediately respond when asked for comment by the Reuters news agency, according to APE - BPE.
The U.S. Treasury Department assured in a press release issued jointly with the two aforementioned regulators that all Signature Bank depositors will receive their money in full and that "there will be no loss to taxpayers. "
However, despite the assurances of the US Department of Finance, something is NOT GOING WELL.
It is noted that yesterday, in dramatic tones, the billionaire investor Bill Ackman warned of a huge wave of withdrawals that can sweep the American banks on Monday unless the American Administration takes immediate measures, in the few hours that have passed.
Which reinforces a prevailing atmosphere of a total economic collapse, on a global scale as we reported yesterday.
In a strange one-paragraph tweet on Saturday, the billionaire predicted that uninsured bank customers (those who haven't insured their money) will rush to withdraw cash on Monday unless the US government steps in to guarantee their funds and " correct an error in the shortest possible time so that it does not become irreversible.''
The problem appears to be spreading to other banks after California-based First Republic Bank sent an email to its customers, with the bank saying it needs some time "to strengthen its security and stability, which is reflected in continued strength of our capital, liquidity and operations."
The memo is attributed to Jim Herbert, founder and executive chairman of the San Francisco-based bank, and Mike Roffler, CEO and chairman.
But what causes particular concern are China's gold markets and the rapid "unloading" of American bonds.
Information indicates that China is "unloading" US bonds at a rapid pace, while correspondingly buying large quantities of gold which amount to almost 100 tons, only in the last 4 months, strengthening its reserves which reached the end of 2022 to 2,011 tons, while at the end of January 2023 these had risen to 2,025 tonnes.
Those responsible for the bankruptcy of Silicon Valley Bank and Signature Bank will be "accountable", US President Joe Biden pledged.
"I strongly pledge that those responsible for this mess will be held fully accountable and that we will continue our efforts to strengthen supervision and regulation of the largest banks so that we do not find ourselves in this position again," Mr. Biden said in a press release that made public by his services.
"The American people and American businesses can have confidence that their savings will be there when they need them ," the American president assured.
Two US bank failures due to rising interest rates (as borrowers can no longer repay their loans) and a third that shows "not going well" , create panic in the markets and let the US Treasury pretend that everything is fine...
Contrary to the perception that, unfortunately, ordinary citizens still have, banks are not based on... Scrooge McDuck-style vaults, where bankers take a "bath" in money.
Most of the money is completely "imaginary" and just exists in the form of bonds distributed to all the banks of the planet.
Even the loans they have given, they make them into bonds, which they then trade in throughout the world market.
If some of them cannot repay their debts, their own "bubble" also "bursts" the "bubbles" of the other banks and can cause a "bank run" (everyone runs to get their money but they will discover that they don't exist) with the result that the entire economic reality that is based on one basic principle is dissolved:
The admission that we trust that it exists and is indeed real...
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