Dime Community Bancshares, the parent company of Dime Community Bank, hired six deposit-focused groups from the former Signature Bank and its successor, Flagstar Bank. Collectively, the groups managed $7 billion in deposits at predecessor institutions.
PNC Bank acquired a portfolio of $16.6 billion in capital commitments facilities from Signature Bridge Bank through an agreement with the Federal Deposit Insurance Corporation as receiver.
Customers Bank completed the onboarding of a nearly 30-member venture banking team formerly employed by Signature Bank. The team retains its experienced leadership and will be integrated with Customers Bank’s teams.
The Federal Deposit Insurance Corporation released an internal review evaluating its supervision of Signature Bank. According to the review, “the root cause of [Signature Bank’s] failure was poor management.”
According to Timothy Burniston, a regulatory compliance expert at Wolters Kluwer Compliance Solutions, markets should be reassured by the response of federal regulators to maintain stability in the U.S. banking system in the wake of the collapse of Silicon Valley Bank and Signature Bank.
Last week, 11 banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, combined to make $30 billion in uninsured deposits in First Republic Bank to display confidence in the U.S. banking system following the collapse of Silicon Valley Bank.
The New York State Department of Financial Services closed Signature Bank over the weekend and appointed the FDIC as receiver. The FDIC transferred all deposits and assets to a bridge bank that began operations on Monday.
Joseph J. DePaolo, president and CEO of Signature Bank, plans to transition into a senior advisor role during 2023. Eric R. Howell will succeed DePaolo as president, effective March 1, and eventually succeed as CEO once DePaolo gradually completes his transition.
Signature Bank launched a new business line with the appointment of a nine-person healthcare banking and finance team. Matthew T. Huber will lead the new business and team as senior vice president and managing group director.
StoneX Group agreed to amend its existing $401 million senior secured credit facility, extending the maturity through April 2025 and increasing the size of the facility to $475 million. Bank of America Merrill Lynch, Bank of Montreal and Capital One acted as joint lead arrangers on the credit facility