Signature Bank and Prime Trust to Align Their Respective Technologies to Better Serve the Institutional Blockchain Industry

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank and one of the leading financial institutions serving the blockchain industry, announced today it forged a relationship with Prime Trust, a technology-driven financial institution providing infrastructure solutions for the digital economy. Prime Trust’s Prime Settlement Network, one of the most advanced multi-asset counterparty settlement platforms in the world, will leverage Signature Bank’s Signet™ platform, a revolutionary blockchain-based digital payments platform, to provide real-time payment and settlement services to Signature Bank and Prime Trust’s institutional clients.

Through this new relationship, Prime Trust and their clients, which include many verticals in the digital asset industry, can utilize Signet to fund and settle their accounts in real-time, 24/7/365.

“The relationship we have forged with Prime Trust will allow their clients to immediately settle their transactions through the revolutionary Signet platform. Any Signature Bank commercial client participating on the Signet platform has the ability to make instantaneous payments in U.S. dollars, any time without transaction fees. Prime Trust’s institutional clients requiring immediate settlements for digital asset trades truly stand to benefit from Signet’s capabilities,” explained Joseph DePaolo, President and Chief Executive Officer at Signature Bank.

“Forging a client relationship with Signature Bank and capitalizing on the advantages of Signet will prove valuable to our company and clients. Signature Bank has established a proven track record in the blockchain payment space and is now recognized for the outstanding services it brings to digital asset traders and exchanges. We look forward to creating new efficiencies for our clients in conjunction with Signature Bank and the Signet team,” commented Whitney White, Prime Trust’s Chief Operating Officer, Chief Technology Officer and Executive Trust Officer.

About Prime Trust:

Prime Trust is the technology-driven financial institution that provides financial infrastructure solutions for the digital economy. The firm powers exchanges, OTC desks, portals, platforms, brokers, investment advisors, exchanges, real-estate syndicators, and others with smart API solutions to create world-class financial services at scale. Services provided by Prime Trust include institutional and retail account types including custodial, IRA, trust, and escrow, along with funds processing, AML and KYC compliance, asset custody, transaction technology and tax reporting. For more information, visit www.primetrust.com.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 31 private client offices throughout the New York metropolitan area and Connecticut as well as San Francisco. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers.

Signature Bank’s specialty finance subsidiary, Signature Financial, LLC, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned Bank subsidiary, is a licensed broker-dealer, investment adviser and member FINRA/SIPC, offering investment, brokerage, asset management and insurance products and services.

Signature Bank recently introduced its revolutionary, blockchain-based digital payments platform, Signet™, enabling real-time payments for its commercial clients. The Signet Platform allows the Bank’s commercial clients to make payments in U.S. dollars, 24/7/365, safely and securely, without transaction fees. Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform, and Signet is the first such platform to be approved for use by the NYS Department of Financial Services.

Since commencing operations in May 2001, the Bank has grown to $49.41 billion in assets, $37.94 billion in loans, $39.06 billion in deposits, $4.74 billion in equity capital and $3.51 billion in other assets under management as of September 30, 2019. Signature Bank's Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.

Signature Bank is one of the top 40 largest banks in the U.S., based on deposits (S&P Global Market Intelligence). The Bank recently earned several third-party recognitions, including: appeared on Forbes' Best Banks in America list for the ninth consecutive year in 2019; and, named number one in the Business Bank, Private Bank and Attorney Escrow Services categories by the New York Law Journal in the publication’s annual “Best of” survey for 2019, earning it a place in the New York Law Journal’s Hall of Fame (awarded to companies that have ranked in the “Best of” survey for at least three of the past four years). The Bank also ranked second nationally in the Business Bank, Private Banking Services and Attorney Escrow Service categories of the National Law Journal’s 2019 “Best of” survey.

For more information, please visit www.signatureny.com.

Contacts

Investor Contact:
Eric R. Howell, Executive Vice President – Corporate and Business Development
646-822-1402
ehowell@signatureny.com

Media Contact:
Susan Turkell Lewis
646-822-1825
slewis@signatureny.com