Signature Bank Shuttered By Regulators, Customer Service to Continue Uninterrupted
If you’ve been following the news, then you’ve heard that Signature Bank was shut down by the New York Department of Financial Services on Sunday. Signature was a popular bank in the small business finance industry. Although it is now under the control of the FDIC, “Depositors and borrowers will continue to have uninterrupted customer service and access to their funds by ATM, debit cards, and writing checks in the same manner as before,” the FDIC said. “Signature Bank’s official checks will continue to clear. Loan customers should continue making loan payments as usual.”
The FDIC is now marketing the institution to potential bidders. All depositors will be made whole, thanks to a special exception ordered by the Treasury Department.
Signature Bank relied mainly on commercial customers and enjoyed a famous director, former Congressman Barney Frank, the architect of Dodd-Frank, aka the Wall Street Reform and Consumer Protection Act of 2010.Last modified: March 12, 2023