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Signature Bank Failed Because of Mismanagement, Contagion, FDIC Report Says

Signature Bank, a crypto-friendly institution, collapsed because of mismanagement by its officers and “contagion effects” after the collapse of Silicon Valley Bank and close-down of Silvergate Bank, a federal bank regulator said in a report Friday. The Federal Deposit Insurance Corp. believes that Signature Bank failed because it relied heavily on uninsured deposits, didn't have strong liquidity risk-management practices and maintained poor risk management in general. The FDIC has been reviewing its oversight of Signature Bank since shortly after the New York Department of Financial Services seized the bank in March.

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