Signature is the third-largest bank in US history to fail, trailing Silicon Valley Bank, which collapsed two days earlier. Chairman Scott Shay, CEO Joe DePaolo and John Tamberlane founded Signature in 2001 and presented it as an alternative to big banks. The government seized SVB on the morning of March 10, causing panic among Signature’s customers. Signature Bank on New York’s Fifth Avenue. “Customers called and bank management said, ‘We’re fine,'” said Mr. Frank, a former Congressman and president of Signature.

Source: Wall Street Journal March 19, 2023 12:33 UTC