What transpired when Signature Bank failed, becoming the second American bank to fail after SVB?

 In short 

* On Sunday, US regulators shut down New York-based Signature Bank, making it the third-largest financial failure in US history. A bridge bank has been established by the Federal Deposit Insurance Corporation (FDIC) to manage the accounts of Signature Bank clients.

* In certain ways, Silicon Valley Bank's demise—which regulators seized on March 10—has affected Signature. Its closure highlights the difficulties faced by small and midsize banks, which frequently concentrate on specialised business areas and have a smaller customer base than behemoths like JPMorgan Chase and Bank of America. They are hence particularly susceptible to traditional bank runs.

* In a joint statement, the US Treasury Department and other banking authorities guaranteed that "no losses will be borne by the taxpayer" and that all Signature Bank and Silicon Valley Bank depositors would receive full reimbursement.

* Being one of the few banks to retain cash from cryptocurrency investors and startups, Signature Bank began operating in 2001. According to The New York Times, after Silicon Valley Bank went out of business, business customers of Signature Bank began to wonder if their deposits were safe because they had more than $250,000 in their accounts, although the FDIC only insures funds up to $250,000.