- Lenders named Signature Financial institution in varied US states are clarifying they don’t seem to be associated to their failed New York namesake.
- Signature Financial institution, New York was shut down by regulators on Sunday amid the banking disaster.
- The SVC Financial institution in India additionally clarified it isn’t associated to the failed Silicon Valley Financial institution, or SVB.
Lenders with names just like two just lately collapsed US banks are scrambling to reassure prospects that they don’t seem to be associated to their failed monetary establishment namesakes.
At the least 4 different banks named Signature Financial institution in varied US states are clarifying that they don’t seem to be related to the crypto-friendly Signature Financial institution, New York which was shut down by regulators after there was a run on the deposits. The developments drove concern that the panic may additionally trigger a run on different regional banks.
On Sunday, Signature Bank Chicago tweeted that it is not affiliated with Signature Financial institution New York. “In gentle of as we speak’s FDIC assertion a few closure of a financial institution with the same identify to ours, Signature Financial institution Chicago is taking this chance to affirm that we aren’t affiliated with Signature Financial institution New York in any means,” it stated.
—Signature Financial institution (@SignatureBnkChi) March 13, 2023
It issued the clarification after an ABC News program on Sunday incorrectly used Signature Financial institution Chicago’s emblem whereas referring to the problems plaguing Signature Financial institution, New York.
“There is no affiliation between the 2 organizations and our Signature Financial institution is stronger than ever and has no cryptocurrency publicity,” Signature Financial institution Chicago tweeted in response to the mix-up.
ABC Information didn’t instantly reply to Insider’s request for remark despatched exterior common enterprise hours. The New York Instances reported Monday that the community has corrected the error.
In the meantime, the Signature Financial institution of Arkansas — a neighborhood financial institution — additionally distanced itself from the troubled New York lender of the identical identify, stating that it is not affiliated in any means with Signature Financial institution manufacturers independently headquartered throughout the US, together with in New York, Chicago, and Florida.
“It’s possible you’ll relaxation assured that your neighborhood financial institution, Signature Financial institution of Arkansas, shouldn’t be related or affiliated with a equally named group that you could be see talked about within the information,” it stated.
It additionally posted a meme on Twitter to drive house its level.
—Signature Financial institution of Arkansas (@SignatureBank) March 13, 2023
Signature Financial institution, N.A. of Toledo, Ohio and the Signature Financial institution of Georgia issued related statements.
And it is not simply Signature Financial institution, or banks, within the US.
In India, the SVC Co-operative Financial institution issued an announcement on Saturday to clarify that it’s “fully unrelated to Silicon Valley Financial institution (SVB)” based mostly in California.
“We request our members, prospects, and different stakeholders not to concentrate to baseless rumors and mischief-mongering by unscrupulous components insinuating similarities in model names,” Mumbai-based SVC Financial institution added.
It went one step additional and even threatened authorized motion in opposition to these “tarnishing its model picture.”
—SVC Financial institution (@SVC_Bank) March 11, 2023
The assertion was additionally despatched to its prospects in each English and the native Marathi language, Reuters reported Monday.
