RNS - great news13 Mar 2023 16:14
Update on Silicon Valley Bank, Silvergate Bank and Signature Bank
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), notes the recent news regarding Silicon Valley Bank and Silvergate Bank and can confirm that neither Argo Blockchain, nor any of its subsidiaries, have any exposure to either institution.
Separately, a subsidiary of Argo held a portion of its operating funds in cash deposits at Signature Bank in New York, NY which are secure and available for use as of Monday, 13 March 2023.
On 12 March 2023, Signature Bank was closed by its state chartering authority, the New York Department of Financial Services. The same evening, a joint statement issued by the Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation ("FDIC") announced a systemic risk exception for Signature Bank and confirmed that, "All depositors of this institution will be made whole."
In a follow-up announcement from the FDIC, it was announced that the New York State Department of Financial Services had appointed the FDIC as receiver and that, "to protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders…Banking activities will resume Monday, March 13, 2023, including on-line banking. Depositors and borrowers will automatically become customers of Signature Bridge Bank, N.A. and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards, and writing checks in the same manner as before."
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