Signature Bank

Founded in 2001, Signature Bank was a New York state-chartered commercial bank and a member of the FDIC. It focused on serving privately owned businesses, their owners, and senior managers, operating on a single-point-of-contact model through private client banking teams. While initially a traditional commercial bank, it became widely known in its later years for its expansion into the cryptocurrency industry, providing banking services to crypto firms and launching the Signet platform, a real-time blockchain-based digital payments system. On March 12, 2023, the bank was closed by the New York State Department of Financial Services. The FDIC was named receiver, and its deposits and certain assets were subsequently acquired by Flagstar Bank, N.A.