Regulators shut down Signature Bank in New York while vowing to make all depositors of the New York bank and Silicon Valley Bank in California whole. The $110 billion-asset Signature, which had close ties to the crypto industry, was closed due to “systemic risk,” the Federal Reserve, Federal Deposit Insurance Corp., and Treasury Department said in a press release. The FDIC created Signature Bridge Bank to operate as it seeks

LendingClub in San Francisco is among the companies that have disclosed having deposit accounts at Silicon Valley Bank at the time it was taken over by regulators. The $8 billion-asset LendingClub disclosed in a regulatory filing that its relationship with SVB on Friday was limited to $21 million of funds on deposit. LendingClub said the amount “is not material to the company’s liquidity position or capital levels and does not

Regulators have taken over Silicon Valley Bank in Santa Clara, Calif., marking the second-largest bank failure behind Washington Mutual in 2008. The $209 billion-asset bank was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corp. as receiver. SVB, the bank’s parent company, had attempted to raise capital after selling $21 billion of underwater securities at a $1.8 billion loss. The securities sales

Republic First Bancorp in Philadelphia plans to raise $125 million in capital. The $5.6 billion-asset company said in a press release that Castle Creek Capital committed about $60.7 million, while an affiliate of Cohen Private Ventures pledged $30 million. The investors are buying common stock, non-voting common stock, warrants and convertible preferred stock. Castle Creek, in its role as anchor investor, will receive an additional warrant for 1.3 million shares

East Texas Bankshares of Livingston plans to merge its two banks. The company said it will merge the $311 million-asset First National Bank of Jasper into the $438 million-asset First State Bank in Livingston. “We feel strongly that our customers and communities we service are really going to benefit from this merger,” Stephen Ernest, president and CEO of First National Bank, told KJAS.com. Robert Sebaugh, president and CEO of First

Derek Williams did not plan on a banking career. After graduating from college in 1984, he considered corporate finance. A recession, and a disappointing interaction with a stockbroker, led him to enter a training program at a community bank. "Banking wasn't something I really started out to do," he told The Bank Slate in a wide-ranging interview. "But I enjoyed the idea of doing something that let me have time

SVB Financial in Santa Clara, Calif., saw its shares tumble after disclosing plans to raise capital after selling a large amount of its bond portfolio at a loss. The $212 billion-asset company said in a press release that it sold about $21 billion of securities at a roughly $1.8 billion loss, or "substantially" all of its available-for-sale securities. SVB's stock fell by more than 60% on Thursday. SVB said in

Julie L. Williams, who twice served as Acting Comptroller of the Currency, has joined the board of Anchorage Digital Bank in San Francisco. Williams oversaw the OCC from April 1998 to December 1998 and from October 2004 to August 2005. Her addition "brings us additional banking industry and regulatory perspectives and experience, enhancing the value that we provide our clients and helping us shape a model for the industry," Anchorage