Signature Bank received approval from both the New York State Department of Financial Services (NYSDFS) and the Federal Deposit Insurance Corporation (FDIC) to begin operations in California.
The bank opened an official accommodation office in early 2018 as it began preparations to introduce its proven single-point-of-contact banking model on the West Coast.
“What started with an accommodation office is quickly developing into a full-service private client banking office. We will now have a comprehensive banking presence and capabilities in the heart of downtown San Francisco. With the approvals from the NYSDFS and the FDIC, we will focus on swiftly appointing veteran banking teams and expanding our West Coast network in the same manner as we did across the metro-New York area,” said Signature Bank President and Chief Executive Officer Joseph J. DePaolo.
Signature Bank, with more than $44 billion in assets, is ranked the 40th largest bank in the U.S. out of nearly 6,000, based on deposits.
