FAYETTEVILLE, Ark. — Amid national news of Silicon Valley Bank and Signature Bank collapsing, locally, people are asking questions about an Arkansas-owned bank also named Signature Bank.
However, it's simply a coincidence. The Signature Bank of Arkansas, which is owned by White River Bancshares based in Fayetteville, is not affiliated with the Signature Bridge Bank that New York regulators were forced to take possession of on Sunday, March 12.
Silicon Valley Bank was closed by the government on Friday after depositors rushed to withdraw their funds all at once. It was the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.
The New York-based Signature Bank collapse was the third-largest failure in the U.S.
On Monday, President Joe Biden insisted to the nation that the U.S. banking system was safe, seeking to project calm after the collapse of the two large banks stirring fears of a possible broader issue.
“Your deposits will be there when you need them," Biden said.
Signature, which was founded more than two decades ago, has about 40 offices across the country and says it focuses on banking for privately owned businesses, their owners and senior managers.
Though Sunday’s steps marked the most extensive government intervention in the banking system since the 2008 financial crisis, the actions were relatively limited compared with 15 years ago, the Associated Press reported on Monday.
Signature Bank of Arkansas has a notice on their website currently, stating that they are not "affiliated, associated, authorized, endorsed by, or in any way officially connected with the various 'Signature Bank' brands independently headquartered in... New York."
The Associated Press contributed to this report.