S&P component says it holds $4.5 bln in cash and $89 bln in deposits and it's winding down its crypto exposure, but stock falls on Silvergate weakness.
Signature Bank issued fresh comments Thursday about its financial strength as its stock price got caught up in steeper losses by two other financial firms.
Signature Bank stock SBNY , a component of the S&P 500 SPX , dropped 8.4%, as investors reacted to its digital currency exposure, which is being reduced. Meanwhile, SVB Financial stock SIVB fell 46% toward the biggest one-day loss since the dotcom bust, after the Santa Clara, Calif.-based parent of Silicon Valley Bank disclosed a $1.8 billion loss and set plans to sell $2.25 billion worth of equity securities to bolster its financial position.
“We want to make it clear again that Signature Bank is a well-diversified, full-service commercial bank with more than two decades of history and solid performance serving middle market businesses,” Signature Bank CEO and Joseph J. DePaolo said.
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