Broadway avoids massive financial crisis after Signature Bank fails

Broadway News: On Friday, March 10, California regulators shut down Silicon Valley Bank (SVB) after it was deemed insolvent; the Federal Deposit Insurance Corporation (FDIC) was then put in charge. The closure of the California bank set off alarm bells for regulators to look at other banks with risk elements similar to SVB or exposures to the maligned cryptocurrency industry (not to mention that the closure of SVB sent a panic to customers of other mid-size banks). There were rumblings that New York-based Signature Bank, the preferred bank of multiple Broadway shows and ancillary businesses, could be next.