Regulators shutter bank co-founded by Jewish donor

 

March 17, 2023



(JTA) — Following the failure of Silicon Valley Bank, federal regulators have shuttered Signature Bank, whose chairman, Scott Shay, is a major donor to Jewish causes.

The New York-based bank was closed on Sunday, two days after Silicon Valley Bank’s collapse, stoking panic in the markets and assurances from President Joe Biden on Monday that the banking system was safe.

Both Signature Bank and Silicon Valley Bank shut down because of depositor runs on their holdings. In Signature’s case, the run was triggered by concerns that the bank was one of just a handful that welcomed deposits i...



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