crypto-friendly-signature-bank-raked-in-$4b-in-deposits-in-q3-2020

Crypto-Friendly Signature Bank Raked In $4B in Deposits in Q3 2020

Signature Bank Chairman Scott A. Shay
(Signature Bank)

Deposits at crypto-friendly Signature Bank grew by $4.11 billion, an 8% increase, in the third quarter of 2020.

  • Over the past year, deposits have grown by $15.28 billion or nearly a 40% increase, according to the bank’s earnings release. Signature reports $54.34 billion in total deposits.
  • In an earnings call at 10 a.m. ET, Signature will break out which deposits are non-interest-bearing, which usually indicates growth in clients from the crypto industry.
  • Crypto firms are often a rich source of low-cost deposits for the few banks that openly serve the sector. As such, analysts have paid close attention to deposit growth at Signature, Silvergate Bank and Metropolitan Commercial Bank.

This is a developing story.