Signature Bank, the 30th-largest bank in America by assets, doesn’t advertise and operates just seven official bank branches. It was also one of the best-performing banks in the country last year, propelled by a decision to court the surging deposits of the cryptocurrency industry.
However, as crypto has crashed so too has Signature Bank’s share price, leaving it struggling to address concerns that its rapid growth is being thrown into reverse.
Before its share price dropped by another 10 per cent after its results last week, Signature Bank’s chief executive Joe DePaolo had attempted to put some distance between the unusual institution he has nurtured for two decades and its newest and most controversial customers.
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