Signature Bank deals primarily with commercial mortgages and the lack of buyers combined with high mortgage interest rates has done them in. Other banks are trying to dump their commercial assets, but are having difficulty doing so.
https://www.youtube.com/watch?v=BXomt5foaQU&t=678s
Keep your eyes on your bank and give some thought about protecting your money.
UPDATE 9/9:
3 more small-to-mid banks have failed:
- Citizens Bank
- First Republic
- Republic First (yes, they're different banks)
They haven't closed their doors just yet, but they're off the NASDAQ and have been pink-slipped. I wouldn't hold my breath unless you look good in blue.
Chase has announced that they will be closing a lot of ATMs and satellite branches (like the ones inside retail stores) as they need to hold on to as much money as possible.
Bank of America has decided to take a different route. They plan on opening more ATMs and satellite branches in the hope that it will garner more customers.
The economist I follow on YouTube had his channel banned today. Could it be that they don't want this information to get out? You decide.
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