Bank of America Could Acquire Signature Bank, Ackman Says

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The Street

By Ellen Chang Signature Bank was closed by regulators on March 12, the third bank to fail in March. Prominent hedge fund manager Bill Ackman said he had heard rumors that New York-based Signature Bank will be acquired by Bank of America, but did not provide any details. “I am hearing that @BankofAmerica is going to buy Signature Bank on Monday,” he tweeted. “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.” DON’T MISS: SVB: Financier Bill Ackman R…

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