Bank of America said to buy Signature Bank, tweets Ackman By Reuters

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Bank of America said to buy Signature Bank, tweets Ackman

Stock Markets Mar 17, 2023 03:16PM ET

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Bank of America said to buy Signature Bank, tweets Ackman

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(Reuters) -Bill Ackman in a tweet on Friday said Bank of America (NYSE:BAC) is going to acquire Signature Bank (NASDAQ:SBNY) on Monday, without citing the source of information.

"I am hearing that @BankofAmerica is going to buy Signature Bank on Monday. Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t think this is good for America," he tweeted.

However, a source familiar with the matter told Reuters that Bank of America is not interested in buying Signature Bank.

Signature Bank did not immediately respond to a Reuters request for comment. Bank of America declined to comment.

State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.

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Comments (2)

First Last Mar 17, 2023 2:48PM ET

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To instill confidence, smaller banks should volunteer to be stress-tested like the big banks from before Trump weakened the tests.

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jason xx Mar 17, 2023 2:38PM ET

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They're probably buying it for the crypto

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Bank of America said to buy Signature Bank, tweets Ackman

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