FDIC sells most of failed Signature Bank to Flagstar

New York CNN  —  A week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank. On Monday, Signature Bank’s 40 branches will begin operating as Flagstar Bank. Signature customers won’t need to make any changes to do … Read more

The Fed faces a ‘no-win situation’ but must keep raising interest rates anyway, former FDIC and Fed official says

New York CNN  —  The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance … Read more

The Fed needs to stop raising rates now, former FDIC chair says after Silicon Valley Bank failure

New York CNN  —  Sheila Bair, a top banking regulator during the 2008 financial crisis, says the stunning implosion of Silicon Valley Bank is exactly why the Federal Reserve needs to halt its war on inflation. “The Fed needs to hit pause and assess the full impact of its actions so far before raising short … Read more

Silicon Valley Bank Seized By FDIC As Depositors Pull Cash

NEW YORK (AP) — The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run … Read more