Signature Bank Shutdown

First Republic is exploring a sale. The ECB hiked rates by 50 basis points today, and we'll have to see how that plays out over the next few days. No one industry makes up more than 9% of First Republic's depositor base; their emphasis on private banking and wealth management seemingly make them a juicy target. If another bank acquires SDNY and Signet is not included in the package, it is clear that DFS took them down to take Signet critical crypto infrastructure offline.