Dear SBNY Stock Fans, Mark Your Calendars for April 5

  • Signature Bank (SBNY) stock is on the rise Wednesday.
  • That comes as traders prepare for a catalyst on April 5.
  • This is the cutoff date for withdrawing crypto from the bank.
SBNY Stock - Dear SBNY Stock Fans, Mark Your Calendars for April 5

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Fans of Signature Bank (OTCMKTS:SBNY) stock will want to keep an eye on the financial company when April 5 rolls around!

That’s the cutoff date for crypto investors to pull their deposits from the bank before their assets are removed. This is the Federal Deposit Insurance Corporation’s (FDIC) chosen course for dealing with digital assets stored with Signature Bank.

If crypto traders don’t pull out their assets, the crypto in their accounts will be liquidated and the account holders will receive a check instead. The reason for this is New York Community Bancorp (NYSE:NYCB) buying most of the deposits held by Signature Bank. However, that doesn’t include crypto.

All of this is the continued fallout of the recent banking crisis. Regulators quickly flew in to take control of Signature Bank amid fears of a bank run that could have caused further harm to the economy, CoinTelegraph notes.

SBNY Stock Movement Today

Shares of Signature Bank stock are seeing incredibly heavy trading ahead of the April 5 deadline. As of this writing, some 18 million shares have changed hands. That’s a major jump from its daily average trading volume of about 2.9 million shares.

SBNY stock is up 38.5% as of Wednesday morning but still down 99.8% since the start of the year.

Investors looking for more of the latest stock market news are in luck!

We’re offering up all of the most recent stock market coverage traders need to know about on Wednesday! Among that is what has shares of Biomea Fusion (NASDAQ:BMEA), Lucid Motors (NASDAQ:LCID) and chip stocks moving today. You can find all that news at the following links!

More Wednesday Stock Market News

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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