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Signature Bridge Bank, N.A. - New York, New York

Frequently Asked Questions

Last Updated: March 22, 2023

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The following list of responses to frequently asked questions may assist you in understanding what happened at Signature Bridge Bank, N.A.

On Monday, March 20, 2023, The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, N. A., with Flagstar Bank, National Association, Hicksville, New York, a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, New York.

Signature Bridge Bank, N.A., was created by the FDIC on March 12, 2023, to take over the operations of Signature Bank, New York, New York, after the New York State Department of Financial Services closed the bank and appointed the FDIC as receiver.

IS MY MONEY SAFE?

Yes! No one lost any money on deposit as a result of this transaction. Depositors of Signature Bridge Bank, N.A., will automatically become depositors of Flagstar Bank, N.A. Customers whose accounts are associated with the digital banking business should reach out to Flagstar Bank, N.A.

DO I HAVE ACCESS TO MY MONEY?

Yes! You may continue to use your same checks, and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money markets, certificates of deposit, and retirement accounts, will be available for transactions daily. Customers of Signature Bridge Bank, N.A., should continue to use their current branch until they receive notice from Flagstar Bank, N.A., that full-service banking is available at branches of Flagstar Bank, N.A.

WHAT HAPPENS WITH MY DIRECT DEPOSITS?

All direct deposits, for example, social security, payroll, veterans’ benefits, disability, unemployment or any payment you receive electronically will continue as usual.

WILL MY AUTOPAYMENTS/BILL PAY/ONLINE BANKING STILL WORK?

Yes! These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Flagstar Bank, N.A.

WILL I RECEIVE INTEREST ON MY CERTIFICATES OF DEPOSITS (CDs)?

Yes! Interest on deposits accrued through close of business on March 20, 2023, will be paid at your same rate. Signature Bridge Bank, N.A. rates will be reviewed by Flagstar Bank, N.A. and you will be notified in writing of any changes. You may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement with Flagstar Bank, N.A.

WHAT HAPPENS WITH MY BROKERED DEPOSITS?

All brokered deposits have been assumed by Flagstar Bank, N.A. If you are a customer who has a Signature Bank or a Signature Bridge Bank, N.A. deposit through a broker, you must contact your broker with any questions.

HOW WILL I GET MY 1098/1099s FOR TAX REPORTING?

Signature Bridge Bank, N.A., or Flagstar Bank, N.A. will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.

CAN I OVERDRAFT MY ACCOUNT OR USE A LINE OF CREDIT?

These lines have been transferred to Flagstar Bank, N.A. Please contact them if you have additional questions regarding your accounts.

DO I CONTINUE TO MAKE MY LOAN PAYMENTS?

You should continue to make your payments according to the terms of your written contract. You may continue to send your payments to the same payment address with checks made payable to Signature Bank. You will receive a letter advising you of any changes.

If you need to contact an FDIC Loan Representative you may:

WILL MY ESCROW PAYMENTS STILL BE MADE?

All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.

I HAVE A LOAN IN PROCESS, WHAT DO I DO?

Please contact your current loan officer directly.

WHAT IF SIGNATURE BRIDGE BANK, N.A. OWES ME MONEY, HOW DO I FILE A CLAIM?

Creditors must submit claims in writing, together with proof of the claim. To access the FDIC Claims Portal online, go to FDIC.gov and type in “Claims Portal” in the search box. To file a claim via mail, please send it to the following address:

FDIC as Receiver for Signature Bridge Bank, N.A.
600 N. Pearl Street, Suite 700
Dallas, Texas 75201
Attention: Claims Agent 10541

SHOULD I BE WORRIED ABOUT SCAMS?

If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of Signature Bank, Signature Bridge Bank, N.A., or the FDIC.

I HAVE MORE QUESTIONS.

Please contact the call center at the number provided below with any additional questions:

1-866-744-5463

THE CALL CENTER IS OPEN 24 HOURS A DAY

Additional information: http://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/.