Our Commitment to You

Frequently Asked Questions

Our Commitment to You

April 12, 2010

As you may be aware, individuals, small business and our community banks are facing many challenges as a result of the recessionary impact on customers and increased regulatory scrutiny.  Signature Bank has also been impacted by these factors and we wanted to take this opportunity to update you on how our bank has been affected. During this difficult time, our bank has not foreclosed on any homes or businesses.  We are committed to working with our customers through this recession. This may cause short term challenges for us but it’s the right thing to do. 

The issues that Signature Bank is facing are primarily the result of a handful of local, large loans involving customers who have been negatively impacted by the current recession. Due to these circumstances we have signed a consent agreement with our regulators, and as a result the bank may be subject to negative publicity. 

The money that you have on deposit with Signature Bank is NOT at risk. The agreement does not impact your deposits and your FDIC insurance is backed by the full faith and credit of the U.S. government, no insured depositor has ever lost a single penny.  Each depositor is insured up to at least $250,000 by the FDIC and you may be covered by FDIC insurance for deposits over $250,000 based on the ownership of your accounts.  If you have over $250,000 with us, we would be happy to review your accounts and ownership to assure you that your deposit is protected.  You may also contact the FDIC Hotline at 1-877-275-3342 or visit their website at https://www2.fdic.gov/EDIE/index.html.  EDIE (Electronic Deposit Insurance Estimator) is an interactive application that helps you calculate the insurance coverage of your accounts.

Our Board of Directors and management team are committed to addressing these issues and we have made significant progress to date. The bank continues to meet or exceed our capital, liquidity and loan loss reserve targets.  We are currently sacrificing earnings to reserve funds to deal with the results of a struggling economy.  We will successfully comply with all aspects of the agreement. 

We appreciate your business and are eager to continue to earn your trust while we work through these challenging times.  Together we can weather this economic storm and as a result our community will be stronger!  If you have any other questions or concerns in regards to anything we talked about today, please do not hesitate to contact me at 970-674-3600. 

Sincerely,

     Bob Hinderaker / President
        The Board of Directors
            and the Staff of Signature Bank

Frequently Asked Questions

I understand the bank has been issued a Consent Agreement.  What does that mean?
The bank’s Board of Directors and regulators entered into a Consent Agreement.  The Agreement is a public document, executed by both the bank and the FDIC to formalize the action steps they want us to take to address their concerns. 
These agreements are designed to help banks change specific practices to improve the operation of the bank.

Are my deposits safe and should I be concerned about my accounts?
Your deposits are safe and are insured up to at least $250,000 by the FDIC.  If you have any questions related to your accounts, we’d be happy to review them with you to ensure that you are adequately covered. 

Or, you can call the FDIC Hotline at 1-877-275-3342 or visit their website at https://www2.fdic.gov/EDIE/index.html to utilize their Electronic Deposit Insurance Estimator which will help you calculate the insurance coverage of your accounts.

Is the bank going to be closed or sold and how can I be assured it’s not going to be?
We have no intention of selling the bank and the Agreement does not suggest that the bank will close.  We are committed to serving our community for many years to come.

Are any of your employees impacted by this Agreement?
As you know our staff is second to none. There will be no changes to our staff or in the level of service you have come to expect from us.

Is the bank operating in an unsafe or unsound manner?
No, Signature Bank has always operated in a legal and ethical manner.  The bank is financially sound and your money is safe.

If you have additional questions, or if we can help you in any way,
please call or stop by the Windsor or Greeley bank.

.