Wegelin & Co., the oldest Swiss private bank, said on Thursday it would shut its doors permanently after pleading to a criminal conspiracy charge in the U.S. and admitting that it had helped wealthy Americans for years avoid tens of millions of dollars in taxes.

In the latest blow to Switzerland’s centuries-old banking secrecy laws, Wegelin became the latest bank on Thursday to reach a deal with U.S. prosecutors as they continue a crackdown on offshore banks suspected of helping American evade taxes.

As part of the deal, Switzerland’s oldest private bank will pay as much as $74 million in penalties to US authorities and has said it “will cease to operate as a bank” once the case wraps up.

The plea effectively marks the end for one of Switzerland’s most storied banks, whose original clients predate the American Revolution. It however, also marks a potential turning point in a battle by US authorities against Swiss bank secrecy.

Robert Fink, a New York-based tax attorney said: “It has an important symbolic significance in that you have a bank that has no branches in the U.S., but the U.S. government was able to reach them and get them to plead guilty. It puts other banks on notice as to the long arm of the U.S. law.”

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