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Here's @CrossRiverBank's details over at #FDIC. Various addresses, FDIC ID numbers, charter info, etc. in case anyone's looking to dig around.
Note that for their first 5 years they were rated "Needs to improve" as a bank.
#lolbank
banks.data.fdic.gov/bankfind-suite…
Note that for their first 5 years they were rated "Needs to improve" as a bank.
#lolbank
banks.data.fdic.gov/bankfind-suite…
@crossriverbank 🧵 Who else didn't know that @CrossRiverBank changed its name from #FirstFinancialBank in 2008?
state.nj.us/dobi/bnk_depos…
state.nj.us/dobi/bnk_depos…
🧵 @CrossRiverBank is technically owned by #CRBGroup (seems like it's not the same as @CRBgrp?), a holding company in Fort Lee, NJ. Apparently #JoannaAlbertine is the CFO.
Here's their annual filings in NJ: ffiec.gov/npw/Institutio…
Here's their annual filings in NJ: ffiec.gov/npw/Institutio…
🧵1/Ω
Let's talk about Metropolitan Community Bank (@MCBankNY, $MCB) one of the remaining publicly traded "crypto-friendly banks. Because the SEC filings look a lot like a mini-me version of our friend $SBNY.
Cash position down 90% YoY 👇
Let's talk about Metropolitan Community Bank (@MCBankNY, $MCB) one of the remaining publicly traded "crypto-friendly banks. Because the SEC filings look a lot like a mini-me version of our friend $SBNY.
Cash position down 90% YoY 👇
🧵2/Ω
$MCB has $2.2 billion - 42%! - in uninsured, non-interest bearing accounts.
In other words someone is willing to set $132 million a year on 🔥 because of inflation just to hold money in $MCB.
Why?
(note that $SIVB and $SBNY also had large non-interest bearing accounts)
$MCB has $2.2 billion - 42%! - in uninsured, non-interest bearing accounts.
In other words someone is willing to set $132 million a year on 🔥 because of inflation just to hold money in $MCB.
Why?
(note that $SIVB and $SBNY also had large non-interest bearing accounts)
🧵3/Ω
$MCB also of course has large unrecognized losses due to the "duration mismatch" problem that rekt $SI and $SIVB ¹.
¹ though other things rekt $SIVB even more...
$MCB also of course has large unrecognized losses due to the "duration mismatch" problem that rekt $SI and $SIVB ¹.
¹ though other things rekt $SIVB even more...
🧵1/Ω
ELI5: Why did #SilvergateBank / $SI just implode?
I realize some people may be wondering WTF just happened so here's the unannotated short version...
The story begins when $SI, a small regional bank, decided to go full crypto.
ELI5: Why did #SilvergateBank / $SI just implode?
I realize some people may be wondering WTF just happened so here's the unannotated short version...
The story begins when $SI, a small regional bank, decided to go full crypto.
🧵2/Ω
A bunch of crypto companies used $SI to hold user deposits, stablecoin backing, etc - $USD cash. As it got more crypto customers it grew - $SI went from being a small bank to a medium bank, holding IIRC ~$15 billion in customer deposits.
A bunch of crypto companies used $SI to hold user deposits, stablecoin backing, etc - $USD cash. As it got more crypto customers it grew - $SI went from being a small bank to a medium bank, holding IIRC ~$15 billion in customer deposits.
🧵3/Ω
Since it had all this cash around $SI execs decided to invest it in a very safe asset: US Treasury bills. Basically they loaned the government of the United States money in exchange for interest plus guarantee of getting it back in N years.
Since it had all this cash around $SI execs decided to invest it in a very safe asset: US Treasury bills. Basically they loaned the government of the United States money in exchange for interest plus guarantee of getting it back in N years.
