The Board of Governors at the United States Federal Reserve has taken immediate action to close down Signature Bank.

The Federal Reserve explained in a Mar. 12 press release that the decision was made in order to to protect the U.S. economy by strengthening public confidence in the banking system.

“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”

“Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” according to the statement.

This is a developing story and more information will be added as it becomes available.