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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%
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- This equated to roughly $13 billion in demand deposits being withdrawn in minutes with only $1.4B cash.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.
Market Cap $1.52T
24H Volume $36.99B
