Signature Bank is an American, full-service commercial bank, based in New York City. The bank serves clients throughout the New York metropolitan area, Westchester, Long Island and Connecticut.
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Overview
Signature Bank offers business and personal banking products and services. Its specialty finance subsidiary, Signature Financial, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned bank subsidiary, is a licensed broker-dealer, investment adviser and member of FINRA and SIPC, offering investment, brokerage, asset management and insurance products and services.
Signature Bank has been called "NY's most successful bank" by Crain's New York Business and was ranked as The Best Business Bank by the readers of The New York Law Journal in the publication's 2016 survey for the third consecutive year. In the survey, Signature Bank also ranked as one of the The Best Attorney Escrow Services Providers and was awarded second place in The Best Private Bank category.
In 2015, Forbes ranked Signature Bank as #1 in its America's Best & Worst Banks evaluation. Forbes' 2016 ranking of Signature Bank as #6 marked the sixth consecutive year that the bank was among the Forbes top ten. Additionally, Forbes has rated Signature Bank as one of America's Fifty Most Trustworthy Financial Companies.
Prominent figures at the bank include former US Congressman Barney Frank, who sits on the board of directors.
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Controversy
In early 2016, some investors filed suit against Signature after the company lost $66 million of investor cash in a ponzi scheme run by William Landberg, a money manager who pleaded guilty to the crime. Investors allege that Signature helped Landberg by ordering him to shift money around dozens of accounts to cover up long-term overdrafts. Landberg was sentenced to three and a half years in federal prison. A spokeswoman for Signature said the bank "vigorously denies" any accusations of wrongdoing, saying it was also a victim in the fraud and did not benefit from Mr. Landberg's actions.
Source of the article : Wikipedia
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