The Bank Slate


Signature in NY continues to run off crypto deposits

Signature Bank in New York has run off about $1.5 billion of crypto-related deposits so far this quarter.

The $110.4 billion-asset bank disclosed in its mid-quarter report that it continues to reduce the size of deposit relationships tied to the crypto industry.

As of March 1, overall deposits were down $826 million from the end of 2022, or roughly 0.9%. Excluding the runoff of crypto deposits, total deposits would be up by $682 million.

Signature also disclosed that spot loan balances are lower by about $1.7 million this quarter as it reduces loan balances in its larger business lines.

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