Signature Bank[2] was a New York-based full-service commercial bank with 40 private client offices throughout New York, Connecticut, California, Nevada, and North Carolina.[3] Signature Bank's specialty finance subsidiary, Signature Financial LLC, provides equipment finance and leasing.[4] Signature Securities Group Corporation, a wholly owned subsidiary, is a licensed broker-dealer and investment adviser offering investment, brokerage, asset management, and insurance products and services.[5] At the end of 2022, the bank had total assets of $110.4 billion and deposits of $82.6 billion;[6] as of 2021, it had loans of $65.25 billion.[7]
Signature Bank was founded in 2001 by former executives and employees of Republic National Bank of New York after its purchase by HSBC. It focused on rich clients and built personal relationships with them. For most of its history, it only had offices in the New York City area. In the late 2010s, it began to expand geographically and in terms of services, though it was most noted for its 2018 decision to open itself to the cryptocurrency industry. By 2021, cryptocurrency businesses had represented 30 percent of its deposits.
Banking officials in the state of New York closed the bank on March 12, 2023, two days after the failure of the Silicon Valley Bank. It was the third-largest bank failure in U.S. history.
Trump family relationship
On July 13, 2018, The New York Times printed a full-length article on Signature Bank being the "go-to bank" to Donald Trump and the Trump family. The bank helped finance Trump's Florida golf course.[40] President Trump's daughter Ivanka Trump served on Signature Bank's board of directors between 2011 and 2013, before stepping down on April 24, 2013.[41] Over the past decade, the bank provided loans to people connected with the Trump Organization while Ivanka Trump sat on its board of directors.[42]
On January 11, 2021, the bank closed two of Trump's personal accounts containing $5.3 million and called for Trump to resign from office in the aftermath of the 2021 storming of the United States Capitol, citing "the best interests of our nation and the American people".[43]
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