 A Discover Bank branch at c097 on June 22, 2025 |
On June 20, 2025, Vanguard and Co. and it's subsidiaries, notably Vanguard National Bank (VNB) failed after liquidity issues arose after an audit by the Department of Commerce. Before it's eventual closure, Vanguard was one of the largest banks
It was revealed thru an audit that the bank had liquidity issues with the primary reason attributed with security vulnerabilities of Vanguard's echo securities trading platform, Vanguard Market Access.
Collapse
Instability
On an audit by the Department of Commerce on March 2025, a loss of 14 million of Redmont Dollars had became apparent.
Seizure
On May 16, 2025 the Department of Commerce declared a bank holiday preventing banks to perform any deposits, transfers or withdrawal transactions for the next thirty-six hours, the Department initially did not state their reasons for the bank holiday.
Six hours after the initial holiday announcement, the Department announced that they have lifted the bank holiday ahead of schedule and that they have seized Vanguard National Bank after grave concerns about the banks liquidity
On June 19, 2025, the Department sold more than 20 of Vanguard's assets which consisted of plots, securities, IP and software held by the bank.