I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

It's time for some money rehab.

For this episode, we're going to be talking about a bank closure.

No, not that bank closure, not SVB, but close.

We're going to be talking about a bank that closed the very same weekend.

Signature Bank.

If you missed this story because of all of the news surrounding SVB, you're not alone.

But this story… this story has got a lot going on.

From the Trump family to accusations of money laundering bumping up against accusations

that the government is out to get crypto.

This story starts with Signature Bank.

And before I get into the fall, let's talk about the rise.

They were the cool kids' bank around a decade ago.

I mean, so cool, in fact, that they were actually my bank when I lived in New York and had

my first business.

Founded in 1999 by Scott Shea and Joseph DiPallo, Signature Bank focused on mid-sized businesses

in New York.

In his own words, co-founder Shea said, quote, my golden rule for banking is, don't think

you're a genius if you're a banker, just avoid the stupid stuff.

This mission statement worked very well for many years.

They were the only publicly traded bank not to invest in subprime mortgages before the

subprime crash of 08.

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