Examples of Signature Bank in a sentence
Subsequent to February 28, 2023, the Federal Deposit Insurance Corporation (FDIC), was appointed receiver for SVB Financial Group and Signature Bank and as a result both institutions were closed and trading in the equity markets was halted.
In accordance with the terms of the Court order granting the Motion, Signature Bank has been appointed and agrees to serve as the Escrow Agent for the Fund.
Signature Bank or its successors designated in accordance with this Agreement(hereinafter referred to as “Escrow Agent”).
Similarly, on March 12, 2023, Signature Bank and Silvergate Capital Corp.
Uninsured deposits were used to fund nearly three-quarters of the assets at Silicon Valley Bank and Signature Bank.
The Fund, which includes all principal and interest earned thereon, shall be deposited into an account held in custody at Signature Bank, and Signature Bank shall serve as the Escrow Agent pursuant to the terms of the Parties’ escrow agreement with Signature Bank (“Escrow Agreement”), attached hereto as Exhibit B.
In the weeks that followed the determination of systemic risk, efforts to stabilize the banking system and stem potential contagion from the failures of Silicon Valley Bank and Signature Bank ensured that depositors would continue to have access to their savings, that small businesses and other employers could continue to make payrolls, and that other banks could continue to extend credit to borrowers and serve as a source of support.
The bank maintaining our operating account is: Signature Bank, 300 Park Avenue, New York, NY, 10022, (646) 822- 1612, Chris Efstratiou.
This amount, however, fails to capture all Certified monies that Midwest obtained, as it was derived from Midwest’s QuickBooks records, which were inaccurate and omitted deposits from America’s PEO, a subsidiary of Certified; deposits from Certified into Midwest’s “Surplus” bank account; a $2 million wire transfer by Brown from a Certified account into a Midwest savings account; and deposits by Certified into a Midwest bank account held at Signature Bank.
However, the final rules permit the countercyclical buffer to be applied only to “advanced approach banks” (i.e., banks with $250 billion or more in total assets or $10 billion or more in total foreign exposures), which currently excludes Signature Bank.