Signature Bank
Signature Bank was a New York-based full-service commercial bank (NASDAQ:SBNY, founded 2001) serving commercial clients, high-net-worth individuals, law firms, and venture-backed companies. It failed in March 2023 after a deposit run and was acquired by Flagstar Bank.
- Company typePrivate
- Founded2006
- HeadquartersNew York, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Signature Bank does
Signature Bank was a New York-based full-service commercial bank founded in 2001 and publicly traded on NASDAQ under the ticker SBNY. The bank served a diverse client base spanning commercial businesses, high-net-worth individuals, professional service firms (notably law firms requiring escrow account management), and venture-backed technology companies. Headquartered in New York with a multi-office footprint including Connecticut, California, North Carolina, and Midwest locations (Chicago and Rosemont, Illinois), the bank operated with a reported workforce of 5,001–10,000 employees.
The bank's core product set included traditional commercial lending and deposit products, private client banking services, venture banking (including a dedicated Midwest Technology Venture Banking group), and specialty services such as legal escrow account management and Signet, a real-time payments platform that became widely used by cryptocurrency firms. Its business model centered on deposit gathering from niche but high-value client segments, balance sheet deployment through lending, and fee income from specialty services. Per disclosed financial data, revenue scaled from approximately $1.19B in 2018 to approximately $2.62B in 2022, with net income reaching approximately $1.34B in 2022, reflecting rapid pre-failure growth.
Signature Bank failed in March 2023 following a rapid deposit run that eliminated over half of its deposits within days and caused an 88% decline in active escrow deposits. The bank filed for Chapter 11 bankruptcy on March 17, 2023, was placed into FDIC receivership, and its deposits and certain assets were subsequently acquired by Flagstar Bank. The collapse exposed severe concentration risk in crypto-exposed depositors and, separately, illustrates how the original NY Signature Bank should not be confused with the unrelated Chicago-based Signature Bank (founded 2006) later acquired by Esquire Financial Holdings, or with Signature Bank Limited operating under CBN regulation in Nigeria — entities that share the name but are distinct businesses.
Signature Bank firmographics
Firmographics- Name
- Signature Bank
- Legal name
- Signature Bank
- Website
- https://signatureny.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Acquired
- Headcount range
- 5,001–10,000 employees
- Short description
- Signature Bank was a New York-based full-service commercial bank (NASDAQ:SBNY, founded 2001) serving commercial clients, high-net-worth individuals, law firms, and venture-backed companies. It failed in March 2023 after a deposit run and was acquired by Flagstar Bank.
- Ownership category
- akta.pro rank
Signature Bank industry classification
Industry- Product category
- Commercial Banking
- NAICS
- Commercial Banking (52211), Commercial Banking (522110)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where Signature Bank is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Signature Bank business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Distribution channels1 record
Signature Bank product offering
Product offeringCore offering
Signature Bank is a New York-based, full-service commercial bank offering business and personal banking products and services. The bank's core franchise centered on commercial and private banking for professional service firms (notably law firms), venture-backed companies, and high-net-worth individuals, with deposit products, lending, and specialty banking services such as escrow account management.
Product overview
Signature Bank offers commercial banking services primarily serving the Chicago and Midwest markets. The bank has expanded its offerings through strategic partnerships, notably launching Signature Trust in collaboration with Midwest Trust to provide trust-related services that complement its core commercial banking operations. The bank has been the subject of acquisition interest, with Esquire Financial Holdings announcing plans to acquire Signature Bank Corporation in 2026.
Differentiator
Problem solved
Functional benefit
Products and services
- Commercial Banking Services
Companies that use Signature Bank
Customer profileSegments1 record
Ideal customer profiles2 records
Signature Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Signature Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Midwest TrustcoreSignature Bank in Rosemont, Illinois launched Signature Trust in partnership with Midwest Trust of Overland Park, Kansas. The partnership was created to meet rising trust-related customer queries, as the $1.96 billion-asset community bank lacked the scale to build its own trust company and had been referring clients to third parties, losing relationship control in the process.
Scale indicators6 records
Recent moves6 records
Expansion highlights4 records
Signature Bank competitors and assessment
Company assessmentMarket position
Strengths3 records
Weaknesses4 records
Competitive moat3 records
Key highlights6 records
Customer concentration
Signature Bank social profiles
Digital presenceSignature Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Signature Bank leadership team
Management profileNumber of profiles
Profiles9 records
Signature Bank funding detail
Funding detailFunding overview
Funding rounds6 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Signature Bank M&A and investment
M&A and investmentM&A
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Signature Bank
What does Signature Bank do?
Signature Bank is a New York-based, full-service commercial bank offering business and personal banking products and services. The bank's core franchise centered on commercial and private banking for professional service firms (notably law firms), venture-backed companies, and high-net-worth individuals, with deposit products, lending, and specialty banking services such as escrow account management.
Is Signature Bank a public or private company?
Signature Bank is a private company. It is classified as public and is currently acquired.
When was Signature Bank founded?
Signature Bank was founded in 2006. It employs 5,001 to 10,000 people.
Where is Signature Bank based?
Signature Bank is headquartered in New York, United States, in the North America region.
Does Signature Bank have an API?
No public API is recorded for Signature Bank.
What industry is Signature Bank in?
Signature Bank's product category is Commercial Banking. Its primary akta.pro industry code is FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs). Its NAICS code is 52211 and its SIC code is 6021.