Streetbeat News

SBNY

Signature Bank

www.signatureny.com

CEO

Joseph DePaolo

Industry

Commercial Banking

Signature Bank, member FDIC, is a New York-based, full-service commercial bank with 37 private client offices throughout the metropolitan New York area, including those in Connecticut as well as California and North Carolina. Through its single-point-of-contact approach, the Bank's private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.

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US banks are facing $650 billion in unrealized losses on bond investments due to interest rate hikes. Banks invested in low-yield Treasury bonds before the hikes, and now the value of these bonds has plummeted. The failures of Silicon Valley Bank, First Republic Bank (FRC), and Signature Bank (SBNY) were partly due to such losses. Banks are considering holding the debt until maturity or selling it to invest in higher-yielding bonds. The banking sector is under pressure, with ETFs like SPDR S&P Bank ETF (KBE) and SPDR S&P Regional Bank ETF (KRE) seeing declines.

Portfolio Pulse from Bibhu Pattnaik

November 12, 2023 | 2:46 pm

PNC Bank, a subsidiary of PNC Financial Services Group Inc, has acquired a portfolio of select capital commitments facilities worth $16.6 billion from Signature Bridge Bank. The deal, which includes funded loans of $9 billion, is expected to be immediately accretive to PNC's earnings, adding an EPS of $0.10 in Q4 2023. The transaction will not significantly impact PNC's total assets, capital ratios, or tangible book value per share.

Portfolio Pulse from Lekha Gupta

October 03, 2023 | 4:09 pm

Flushing Financial Corporation (NASDAQ:FFIC), the parent company for Flushing Bank, has acquired a commercial real estate lending team from the former Signature Bank. The move is expected to strengthen Flushing Bank's Commercial Real Estate Lending group and attract new clients.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 1:02 pm

24 Exchange, backed by Steve Cohen's Point72 Ventures, has discontinued its spot cryptocurrency product amid increased regulatory scrutiny. The decision follows a decline in interest and demand after the collapse of FTX and crypto-affiliated entities such as Signature Bank and Silvergate Capital Corp. The trading platform will continue to offer its crypto non-deliverable forward product.

Portfolio Pulse from Murtuza Merchant

June 23, 2023 | 2:12 pm

Following the collapse of Signature Bank due to its investment in cryptocurrency, the FDIC transferred its deposits and assets to Signature Bridge Bank, N.A. This led to the federal government inadvertently funding the marijuana industry, as Signature Bank was servicing some regulated marijuana businesses. New York Community Bancorp (NYSE:NYCB) later acquired 40 former Signature Bank branches.

Portfolio Pulse from Nina Zdinjak

June 12, 2023 | 3:05 pm

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