A March 12 joint statement by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Department of the Treasury confirmed the closure of Signature Bank. The statement said that the financial firm was "closed today by its state chartering authority," alluding to the New York Department of Financial Services.
"All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer," the joint statement said. Signature Bank's closure followed just days after two California-based banks – Silicon Valley Bank (SVB) and Silvergate Bank – collapsed. Both SVB and Signature were subsequently placed under FDIC receivership. (Related: Silicon Valley Bank collapse biggest since Great Recession as FDIC promises to cover ALL deposits, not just first $250K (UPDATED).)
Bloomberg reported back in January 2021 that Signature and Deutsche Bank distanced themselves from Trump after the Jan. 6 false flag riot. The New York-based Signature closed two personal accounts belonging to Trump, which contained about $5.3 million in total.
Meanwhile, the German bank that lent the former president $300 million said it has decided not to conduct any further business with Trump and his company. The Trump Organization still has three loans with the lender, which are due to mature in 2023 and 2024.
Aside from Trump himself, Signature has also served several of his family members and close associates. These include former Trump attorney Michael Cohen and former Senior Advisor to the President Jared Kushner. The latter's wife Ivanka Trump was also a customer and was even appointed to the bank's board.
In the aftermath of the Jan. 6 riot at the Capitol, Signature issued a statement denouncing Trump for allegedly goading people to attack the chambers of Congress. However, many conservative news outlets have revealed that planted agents for the Federal Bureau of Investigation were riling up the rioters and even guiding them around the building.
"We witnessed the president … encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty," the statement alleged. "As Americans, we are deeply … saddened by the rioting and insurrection which took place in the most sacred of American institutions.
"At this point in time, to ensure the peaceful transition of power – we believe the appropriate action would be the resignation of the president … which is in the best interests of our nation and the American people."
Little did Signature know that this condemnation would come back to haunt it two years later. When the New York-based bank collapsed, analysts were quick to reference its statement against Trump.
"Signature Bank famously closed [former] President Trump's bank accounts to signal its virtue. Go woke, go broke," tweeted Georgia Republican Party Chairman David Shafer.
Independent journalist Bryan McNally also agreed with the Georgia GOP chair's remarks.
"Remember that time Signature Bank cut ties with [former] President Trump and called for his resignation? Or that time SVB and Signature started going woke? Well, now the sayings are true: '[Get] woke, go broke. Everything woke turns to s**t,'" he tweeted.
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Watch Donald Trump Jr. recount to Glenn Beck how PNC Bank canceled his MxM News organization, mirroring Signature's cancellation of his father's accounts.
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