Bank That Cut Ties With Trump After Jan 6th Closes
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Signature Bank was closed by New York State regulators on Sunday – this was the 3rd largest banking failure in US history.
State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.
The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in assets and $88.59 in deposits at the end of last year, according to New York state’s Department of Financial Services.
All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and “no losses will be borne by the taxpayer,” the U.S. Treasury Department and other bank regulators said in a joint statement.
Employees appeared to gather at the company’s Manhattan headquarters for meetings on Sunday, ordering catering from Carmine’s, an Italian restaurant, and Starbucks coffee, according to a Reuters reporter on the scene. People trickled out of the building after the news of the closure was announced.
After January 6th Signature Bank was one of the banks that cut ties with Donald Trump.
In the wake of the deadly riots on Capitol Hill last week, Deutsche Bank and Signature Bank have said they are cutting future ties with President Donald Trump.
That could leave the president on the hook for millions of dollars when several large loans he has personally guaranteed come due in the next two years. If Trump were unable to pay back the full amount, the bank could seize assets he used to secure the loan — which could include his golf courses, hotels, or other properties.
Deutsche Bank, where the president has two personally guaranteed mortgages for a total of $340 million, is refraining from further business with Trump, according to a person familiar with the matter.The loans come due in 2023 and 2024.
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