Signature Bridge Bank Opens Its Doors Following Predecessor’s Shutdown

Signature Bridge Bank, N.A., a New York-based, full-service commercial bank, said Monday it’s opening its doors. The bank was established as a new entity following Sunday’s shutdown of Signature Bank by New York State regulators, who placed it under FDIC receivership. 

Greg D. Carmichael has joined Signature Bridge as CEO. With all of the deposits and substantially all of the assets of the former Signature Bank, the bank will provide a full suite of loan, deposit and banking services. 

“Because of the swift actions of the U.S. Treasury, Federal Reserve and FDIC, our clients’ deposits are not at risk,” said Carmichael. “We value our clients, and we believe our single point of contact model will continue to deliver the best-in-class products and services they desire.” 

The Wall Street Journal reported that Signature Bank was hobbled by a bet on the crypto banking sector. Over the years, it had been among the New York region’s leading lenders on commercial real estate, including $4 billion of new transactions in 2021 alone. 

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