ABC News’s Mona Kosar Abdi joins from a New York City Signature Bank location where customers are being reassured that their money is safe. SUBSCRIBE to ABC News on YouTube: Latest updates: Watch FULL EPISODES on Hulu: #news #signaturebank #money #banks #abcnews... ( read more )
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On May 10, 2021, the collapse of Signature Bank became the third-largest bank failure in U.S. history. The Texas-based bank had been struggling for years before being taken over by the FDIC in a bid to save it from total collapse. The bank's failure came as a result of a series of bad loans, mismanagement, and declining profits, all of which contributed to its eventual collapse. Signature Bank, which was founded in 2004, was once one of the fastest-growing banks in the U.S. It had a strong focus on small and
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