Signature Bank, N.A. of Toledo not affiliated with troubled bank of same name in New York
President of local Signature Bank assures shareholders, customers their money is safe.
TOLEDO, Ohio (WTVG) - News of federal regulators taking over Signature Bank of New York may bring some questions here to Signature Bank, N.A. in Toledo. Bank president Rob Shamy wants to reassure everyone the bank here in town is in no way linked to the now troubled bank in New York.
“Yeah, it’s been busy. We’ve gotten some phone calls,” said Shamy. “We have a lot of long-term relationships. A lot of people know we have no affiliation, but we’re here to reassure our clients that we have no affiliation with the bank in New York.”
Signature Bank, N.A. on Sylvania Ave. started 21 years ago. Shamy explains 550 local shareholders own the bank, which employs 150 people and has $1.2B assets under care. Those assets, he says, are safe and secure from the financial crises hitting Signature Bank of New York and Silicon Valley Bank in California.
“These are isolated incidents, kind of separate business decisions both of those banks made that led to this situation today for them, unfortunately,” added Shammy, who says it’s simply coincident that his bank shares a name with the one in New York.
“What are the odds with the same name and so forth?” continued Shamy, “You know, it’s unfortunate, unfortunate situation for those employees and stakeholders there. Again, no affiliation with them, and Signature Bank here is on very strong financial footing. There’s a financial rating agency, Bauer Financial, that rates financial institutions, and we’re a five-star rated bank, which is the highest rating you can attain.”
The bank president also wants to note that he does not expect a ripple effect across the financial industry to disrupt his bank or any other locally owned and operated ones.
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