A Fayetteville-based bank on Monday issued a statement to make clear it is not affiliated with a New York-based bank of the same name that was closed over the weekend.
Officials with Signature Bank of Arkansas, which that started in Fayetteville and has five locations across Northwest Arkansas and a handful of others around the state, said the local company has experienced some confusion after Signature Bank of New York made national headlines this week when depositors made a run on the bank over the weekend, causing it to collapse.
“In light of recent headlines concerning banks and the financial industry, it is important to acknowledge that Signature Bank of Arkansas is not associated or affiliated with a similarly named organization currently making national news headlines,” according to a press release.
Officials said Signature Bank of Arkansas has no ties to the New York organization.
“Our customers and shareholders may remain assured that our bank is well-capitalized and sound,” according to the release. “Our bank is mostly owned by local investors, and our bank’s investments are reflected in the local communities we serve.”