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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%
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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- This equated to roughly $13 billion in demand deposits being withdrawn in minutes with only $1.4B cash.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.
$77,879.99 +0.80% (24H)
- Market Cap
- $1.56T
- 24H Volume
- $27.04B
- Circulating Supply
- 20.03M
- Dominance
- 60.1%
