Signature Bank's Cringy Broadway-Style Commercial Resurfaces After Collapse

Ever since the news of Silicon Valley Bank and Signature Bank failure came to the surface, they are being referred to as textbook cases of classic bank runs. Needless to say, the failure of two of the three biggest in U.S. banking history, was bound to bring back some of its old content on the internet. For Signature Bank, it is not just the news of its non-success that has come to the surface. People are revisiting what is being referred to as a cringeworthy Broadway-style commercial from the early 2000s. The executives of the bank took it upon themselves to star in it. They boasted how the institution would never ‘diminish and fail’.

The chorus from the commercial begins: “What a terrible proposition — like convincing the world to eat kale What possible fate will become of our bank other than to diminish and fail?” But what people are noting as irony at its finest are the lines that come next: “I happen to know for a fact — that won’t happen.”

The clip was shared on Twitter with the caption, “Is it surprising that Signature Bank failed? Their executive team spent millions of dollars to produce music videos & TV shows about themselves. Try not to cringe as you watch this.”

While some social media users were confused by little details about the clip, others remarked that this ad showed why the bank was bound to fail after all. A Twitter user wrote, “They should now do a video of themselves living in cardboard boxes on street corners. A documentary.”

“No wonder they failed; they think a bank is a startup!” read another tweet.

Another user wrote, “The only goal I have for myself is to never get talked into being in any of these kinds of videos ever.”

The third-largest bank failure in US history occurred when regulators closed down Signature Bank in New York on Sunday. To handle the accounts of Signature Bank customers, the Federal Deposit Insurance Corporation (FDIC) created a bridge bank. Signature Bank’s focus on niche lines of business and smaller customer bases left it vulnerable to bank runs, as evidenced by its closure following the panic surrounding the seizure of Silicon Valley Bank. Signature Bank’s depositors will be fully compensated, according to a joint statement from the US Treasury Department and other bank authorities. Signature Bank’s acceptance of deposits from cryptocurrency investors and startups helped it grow, but after the collapse of the FTX crypto exchange in November 2022, Signature Bank cut ties with some crypto clients and was unable to retain investors.

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