- Lenders named undersigned banks in various US states have revealed they are not affiliated with the failed New York namesake.
- Signature bank New York was shut down by regulators on Sunday amid the banking crisis.
- India’s SVC Bank has also clarified that it has no ties to the failed Silicon Valley Bank (SVB).
Lenders with names similar to two recently bankrupt US banks are desperate to reassure customers that they have nothing to do with the failed financial institution.
At least four other banks named undersigned banks in various states in the United States have revealed that they have no relationship with the crypto-friendly New York undersigned bank. run on depositThe development raised concerns that the panic could affect other local banks as well.
on sunday, Signature Bank Chicago tweeted Not affiliated with Signature Bank New York. “Signature Bank Chicago, in light of his FDIC statement today regarding the closure of a bank of similar name to ours, has taken this opportunity to confirm that it has no affiliation with Signature Bank New York. I will.”
— Signature Bank (@SignatureBnkChi) March 13, 2023
It later issued a clarification Sunday’s ABC news show misused The Signature Bank Chicago logo refers to a problem that plagues Signature Bank, New York.
“There is no affiliation between the two organizations, undersigned banks are stronger than ever, no exposure to cryptocurrencies,” undersigned bank Chicago murmured As a response to confusion.
ABC News did not immediately respond to a request for insider comment sent outside of normal business hours. The New York Times reported Monday That the network has corrected the error.
Meanwhile, a signature bank in Arkansas – Community Bank – also distanced itself from a troubled New York lender of the same name. state We are not affiliated with any Signature Bank brand with independent headquarters across the United States, including New York, Chicago and Florida.
“Your community bank, the Signature Bank of Arkansas, is not affiliated with the similarly named organization mentioned in the news.
He also posted a meme on Twitter to underline his claim.
—Signature Bank of Arkansas (@SignatureBank) March 13, 2023
Signature Bank, NA Toledo, Ohio and signature bank of georgia issued a similar statement.
And it’s not just US signing banks.
In India, SVC Cooperative Bank issued a statement on Saturday, revealing that it is “completely unaffiliated with Silicon Valley Bank (SVB)” based in California.
Mumbai-based SVC Bank urges its members, customers and other stakeholders not to heed unsubstantiated rumors and pranks with unscrupulous elements that imply brand name similarities. added.
It even went a step further and threatened legal action against anyone who “damaged its brand image.”
— SVC Bank (@SVC_Bank) March 11, 2023
Statements were also sent to customers in both English and the local Marathi language.Reuters report Monday.