“Bank That Shut Down Trump’s Accounts Crumbles Under Financial Pressure”

Signature Bank, the same financial institution that closed former President Donald Trump’s accounts in 2019, has become the third U.S. bank to fail in a week. On Sunday, the bank was shut down by U.S. regulators, including the Federal Reserve, U.S. Treasury, and the Federal Deposit Insurance Corporation (FDIC), after being closed by its state chartering authority.

This follows the failures of SVB bank and Silvergate, a California-based crypto-focused bank.

However, the regulators have assured depositors that they’ll get access to all of their money starting on Monday, March 13th and that taxpayers will bear no losses.

Signature Bank had previously announced that it would not do business with Donald Trump after January 6th, 2021, when the former President’s followers attacked the Capitol building to overthrow the 2020 U.S. presidential election.

Signature Bank stated in a released statement that they observed the President of the United States encouraging the rioters and not taking action to protect Congress during its duty, leading them to believe that, to ensure a peaceful transition of power, it would be best for the President of the United States to resign, as it is in the best goals of the nation and its people.

The bank held two accounts belonging to Donald Trump, reportedly containing over 5 million dollars.

Financial analysts have pointed out that Signature Bank’s decision to sever lending to the former President and call for his resignation may have contributed to its collapse. However, it is also worth noting that SVB bank, which failed last week, was concentrating heavily on woke policies, according to reports.

Despite the recent spate of bank failures, Treasury Secretary Janet Yellen has stated that there will be no federal government bailouts and that the economy is in good shape. Last week, Yellen focused on Ukraine.

Former President Donald Trump had cautioned that a “wrong person in office” could lead to an economic crash similar to that of 1929.