Signature Bank

About Signature Bank

Signature Bank was closed by New York state regulators on March 12, 2023, two days after SVB. Signature had 118 billion in assets and was heavily involved in cryptocurrency banking. The bank was a major player in the digital asset space, with crypto clients accounting for approximately 30 percent of deposits. The collapse of SVB spooked Signature depositors. The FDIC seized the bank and guaranteed all deposits using the systemic risk exception. Signature was sold to Flagstar Bank, a subsidiary of New York Community Bancorp. The back-to-back failures of SVB and Signature prompted emergency Federal Reserve liquidity facilities. Signature executives blamed the closure on regulators using the bank as a cautionary tale for the crypto industry, though regulators denied this.