Other signature banks want you to know they are still operational.

  • Lenders named Signature Bank in various US states clarify that they are unrelated to their failed New York namesake.
  • Signature Bank, New York was shut down by regulators on Sunday amid the banking crisis.
  • India’s SVC Bank also clarified that it was not linked to the failure of Silicon Valley Bank, or SVB.

Lenders with similar names to two recently collapsed american banks scramble to reassure customers that they are not tied to their bankrupt financial institution namesakes.

At least four other banks named Signature Bank in various US states specify that they are not associated with crypto-friendly Signature Bank, New York who was shut down by regulators after there was a run on deposits. The developments have raised concerns that the panic could also cause a run on other regional banks.

On Sunday, Signature Bank Chicago tweeted that it is not affiliated with Signature Bank New York. “In light of today’s FDIC statement regarding the closure of a bank with a similar name to ours, Signature Bank Chicago takes this opportunity to state that we are in no way affiliated with Signature Bank New York. “, did he declare.

He released the clarification after a The ABC News Sunday program is misused The Signature Bank Chicago logo while referencing the issues plaguing Signature Bank, New York.

“There is no affiliation between the two organizations and our Signature Bank is stronger than ever and has no exposure to cryptocurrency,” Signature Bank Chicago said. tweeted in response to confusion.

ABC News did not immediately respond to Insider’s request for comment sent outside of normal business hours. THE The New York Times reported on Monday that the network has corrected the error.

Meanwhile, Signature Bank of Arkansas – a community bank – has also distanced itself from the struggling New York lender of the same name, indicating that it is in no way affiliated with the brands of Signature Bank which is independently headquartered in the United States, including New York, Chicago and Florida.

“You can rest assured that your community bank, Signature Bank of Arkansas, is not associated or affiliated with any organization with the same name that you might see mentioned in the news,” he said.

He also posted a meme on Twitter to drive home his point.

Signature Bank, North America of Toledo, Ohio and the Signature Bank of Georgia issued similar statements.

And it’s not just Signature Bank, or banks, in the United States.

In India, the SVC Co-operative Bank issued a statement on Saturday to clarify that it has “no connection with Silicon Valley Bank (SVB)” based in California.

“We urge our members, customers and other stakeholders to disregard baseless rumors and mischief by unscrupulous elements insinuating similarities in brand names,” Mumbai-based SVC Bank added.

He went further and even threatened legal action against those who “tarnish his brand image”.

The statement was also sent to clients in English and local Marathi, Reuters reported Monday.

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