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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. [43] Trump's daughter Ivanka Trump served on Signature Bank's board of directors between 2011 and 2013, before stepping down on April 24, 2013. [44]
The bank's deposits increased from $62 billion in March 2020 to $124 billion in March 2021, benefiting from the impact of the COVID-19 pandemic on science and technology. Most of these deposits were invested in long-term Treasury bonds as the bank sought a higher return on investment than was available on shorter-term bonds. [29]
The bank was placed under receivership by the FDIC, which immediately established Signature Bridge Bank, N.A. to operate its marketed assets to bidders. [67] Signature Bank had been under multiple federal investigations, ongoing at the time of the bank's collapse, regarding the rigor of its anti-money laundering measures.
It seeks unspecified damages for shareholders between March 2 and 12 when New York's Department of Financial Services took over Signature, two days after the Federal Deposit Insurance Corp seized ...
Signature becomes the third-largest bank to ever fail in the U.S., behind Silicon Valley Bank and Washington Mutual in 2008, if its assets haven't changed significantly since the end of 2022.
FILE - A woman leaves a branch of Signature Bank in New York, Monday, March 13, 2023. New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion ...
Thomas Cangemi, the company's Chief Financial Officer since 2005, became president and CEO. [25] In December 2022, the bank acquired Flagstar Bank. [26] [27] On March 19, 2023, NYCB acquired $38.4 billion in assets from the liquidated Signature Bank in a $2.7 billion deal, with 40 Signature branches being converted to Flagstar locations. [28]
Warren says DePaolo suggested Signature Bank, which had already amassed over $45 billion in assets by mid-2018, was too small to have significant impact on the soundness of the financial system.