Chicago City Wire

On the same weekend that ABC News incorrectly featured a logo of Signature Bank Illinois on a story about Signature Bank New York, the former reported "record returns and earnings" in 2022.  

A press release from the bank said, “return on Average Equity was 25.7% and net income increased 22.5% from 2021 to over $26 million.”

"My partners, Mick O'Rourke and Kevin Bastuga, and I are proud of Signature Bank's 2022 results,” said Bryan Duncan, co-founder of the bank. “We are also aware of the liquidity and resulting capital issues that are plaguing some commercial banks. Here at Signature Bank, our deposit relationships are strong, and our liquidity and capital ratios are well above industry standards. While we are always mindful of potential economic uncertainties, Signature Bank is on solid financial footing and ready to expand, and build new, relationships with our clients."

As Chicago City Wire reported yesterday, the bank also sought to clarify that it is not related to Signature Bank New York, a company for which stock market trading was halted Friday over liquidity concerns of the New York bank.

“Acknowledging the week’s banking news, there continues to be some industry concerns, particularly as it relates to commercial banks involved with crypto finance. In fact, you may have heard the name 'Signature Bank New York' mentioned in relation to that controversy,” it said. “We want to assure you that Signature Bank Illinois is a completely separate entity with no relation at all to Signature Bank New York, and we have no cryptocurrency exposure.”

On the March 12, 2023 edition of ABC News' "This Week with George Stephanopoulos," a story about Signature Bank New York incorrectly featured a graphic containing the logo of Signature Bank Illinois.

"This Week with George Stephanopoulos, ABC News incorrectly used our Signature Bank logo in reference to the issues facing Signature Bank New York." tweeted Signature Bank Illinois. "There's no affiliation between the two organizations and our Signature Bank is stronger than ever and has no cryptocurrency exposure."

On March 13, 2023, NBC Nightly News also used the logo of Signature Bank Illinois during a report about Signature Bank New York.

Signature Bank New York is New York City-based, traded publicly and best known for its work lending to cryptocurrency firms, on the east and west coasts. The bank was founded by Joseph J. DePaolo, Scott A. Shay and John Tamberlane and completed an Initial Public Offering in 2004.

Yesterday, the U.S. Treasury Department, FDIC, and Federal Reserve jointly announced that Signature Bank New York "was closed today by its state chartering authority" for "systemic risk."

Signature Bank Illinois is Rosemont-based, privately-held and serves mostly Midwestern small and medium sized businesses. It was founded by Mick O’Rourke, Kevin Bastuga and Bryan Duncan. The bank is privately held, and was listed at number fifteen on Crain's Chicago Business' 2022 list of largest banks in Chicago.

“Signature Bank Illinois is coming off a record year and is poised for continued success and momentum in 2023,” said the statement by the bank.

As of publication time, ABC News had not issued a public retraction or apology for its incorrect use of Signature Bank Illinois’ logo.

Updated to include the report about NBC Nightly News' use of the Signature Bank Illinois logo.