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Signature Bank plummets in share price pre-market, after news of Silvergate halting operations

Signature Bank down over 7% pre-market, while Silvergate Bank is down 44.6%

James Van Straten
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James Van Straten
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Quick Take

  • As of March 9, Silvergate will halt operations and undergo liquidation.
  • Silvergate saw a 70% drop in deposits in Q4, followed by a 90% drop two days later, which coincided with the worst bond performance in over 200 years.
  • This equated to roughly $13 billion in demand deposits being withdrawn in minutes with only $1.4B cash.
  • Silvergate Capital shares are down 44.6% pre-market.
  • The Signature Bank is currently 7% down pre-market and 9% down year-to-date.
  • While Signature Bank deposits are less liquid than Silvergate were, they also saw deposits decrease YOY for the first time.
Signature Bank Share Price: (Source: MarketWatch)
Signature Bank Share Price: (Source: MarketWatch)
Deposits: (Source: Signature Bank)
Deposits: (Source: Signature Bank)
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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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