After Silvergate, Silicon Valley and Signature Bank has closed down in America

Two days after the closure of Silicon Valley Bank in the US, state regulators have also closed New York-based Signature Bank. US regulators closed New York-based Signature Bank on Sunday to prevent a potential banking crisis. The Treasury, Federal Reserve, and FDIC issued a joint statement Sunday evening announcing the bank closure.

Although Signature Bank was closed as the third bank closure in American history, the US Treasury Department and other bank regulators issued a joint statement on Sunday saying that all of Signature Bank's depositors' funds are safe.

Banking regulators there have informed Signature Bank depositors that they will have full access to their deposits. They say Silicon Valley Bank customers will also have access to their deposits starting Monday.

The announcement was made by the U.S. federal government to prevent the widespread negative impact of problems with tech startup-focused lenders.

Signature Bank is a New York-based commercial bank with 38 private client offices throughout New York, Connecticut, California and North Carolina. This bank was opened in the year 2001.

Along with this, three banks have been closed in the US in the last one week. Silvergate Bank closed on March 9 before Silicon Valley Bank closed on Friday.