Frequently Asked Questions
We are excited about the merger of Signature Bank with Minnesota Bank & Trust. Our goal is to bring you new and better financial products, provided by the same people you already know and trust. We understand you may have questions, many of which are answered below. Please be assured that our goal is to complete a smooth transition with frequent communication along the way.
IS THERE ANYTHING I NEED TO DO NOW?
You likely won’t have to do anything since our goal is to provide a smooth transition. It’s business as usual now and for several months ahead. Early in 2018 you will receive information in advance of the systems and technology conversion and any changes that may affect your account(s). And we’ll be with you every step of the way!
WHY IS SIGNATURE BANK MERGING WITH MINNESOTA BANK & TRUST?
- There are many advantages to being part of a larger bank network in today’s high-tech and high-regulation banking environment. The Board of Directors of Signature decided now was a good time to join with a strong organization to give Signature Bank the ability to offer a broader array of financial products to customers and to create additional opportunities for the talented members of the Signature Bank team.
- Signature Bank and Minnesota Bank & Trust are an excellent fit. As business-focused community banks, both are strongly committed to face-to-face customer service and providing financial products and services designed to meet the individual needs of our customers.
- Both banks have deep expertise in business, professional and private banking.
- Minnesota Bank & Trust is backed by the deep resources of Heartland Financial USA, Inc., a community bank holding company that is well-known as a forward-thinking organization and has twice been named by Forbes magazine to the prestigious 100 Best Banks in America list.
IS THE COMBINED SIGNATURE BANK AND MINNESOTA BANK & TRUST CONSIDERED A “BIG BANK” NOW?
Together, the combined bank is backed by the strength of a big bank, but our strategy as a locally managed bank allows us to stay focused on clients and grounded in our communities. Our roots are in community banking and that’s our ‘bread and butter’ business. We differentiate ourselves by knowing our customers well, making decisions locally and providing personal face-to-face service. Along with this personal service, we also offer the big-bank conveniences customers expect, including online and mobile banking, bill payment and debit cards, and commercial treasury management services.
CAN I CONTINUE TO USE MY EXISTING CHECKS, DEBIT CARD, AND/OR ATM CARD?
Yes, please continue to use your existing checks, debit and ATM cards.
WILL MY ACCOUNT OR LOAN NUMBER CHANGE?
For now, your account numbers will remain the same. In the unlikely event a change is needed, you will be notified well in advance and we will handle all of the details.
WHERE DO I SEND MY LOAN PAYMENTS?
Please continue to make your payments as usual. Use the same payment coupons or invoices you currently use. Any changes to the mailing addresses or processes will be provided well in advance.
WILL MY DIRECT DEPOSITS, AUTOMATED PAYMENTS, AND TRANSFERS CONTINUE TO BE CONNECTED TO MY ACCOUNT?
Yes. All these services will continue without interruption. If you need to make changes, please contact your banker.
WILL MY ROUTING NUMBER CHANGE?
It will not be necessary to change the routing number at this time. In the future, there will be a transition to one routing number, but there will be no inconvenience. Those affected by the change will be notified in advance and the new routing number will be automatically assigned when new checks are ordered.
WILL MY DEPOSITS STILL BE FDIC-INSURED?
Yes, up to $250,000. If your total deposits with the combined banks exceed $250,000 after the merger, please see a personal banker who will help you structure account ownership for maximum insurance protection.
WHAT ONLINE BANKING CHANGES SHOULD I EXPECT?
You will continue to have access to the same online banking pages and information you have today. Later on, you will view a different online banking screen, but continue to access complete account information, make transfers between accounts, pay bills electronically and view check images.
WILL THE BANKING PRODUCTS AND SERVICES CHANGE AT SIGNATURE BANK?
There may be changes, but every effort will be made to match your accounts to identical or similar products. A comprehensive package of material will be provided well in advance and a Signature Bank personal banker will be available to assist with any questions. A big benefit of the merger will be a wider selection of competitive business, consumer, commercial and private banking products with advanced technology and online/mobile services.
WILL ANY BANKING LOCATIONS BE CLOSED AFTER THE MERGER?
Both current bank facilities will remain open, customers of both banks will enjoy the convenience of another banking location.