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Strengthening ACH fraud detection: What businesses need to know about Nacha’s 2026 rule changes

13 January 2026
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ACH (Automated Clearing House) payments are a vital part of how businesses pay employees, vendors and partners. As usage has grown, so have fraud attempts targeting ACH transactions – especially scams like business email compromise (BEC), vendor impersonation and payroll redirection.

To address these risks, Nacha announced new Risk Management Rules effective March 20th, 2026. These changes are designed to reduce ACH fraud, improve visibility into payment activity and strengthen the industry’s ability to recover funds when fraud occurs.

Below is an overview of what’s changing and what your business can do to prepare.

Why Nacha is updating the rules

The new rules reflect Nacha’s broader effort to:

  • Combat evolving fraud schemes – especially scams where fraudsters trick businesses or employees into sending legitimate ACH payments under false information.
  • Improve transparency across the ACH network – so that financial institutions can easily identify, flag and respond to suspicious activity.
  • Enhance fund recovery efforts – by making it easier to trace and react quickly when fraudulent transactions occur.

In short, these changes are about making the ACH network safer and more resilient for everyone who sends or receives payments.

Key changes businesses should understand

1. New fraud monitoring requirements
Nacha is requiring ACH participants to implement risk-based monitoring to better detect and prevent fraudulent ACH activity.

For businesses, this means your financial institution and service providers will be expected to:

  • Monitor payment patterns and behaviors for unusual or high-risk activity
  • Use tools and controls that help identify potential fraud
  • Respond quickly when suspicious transactions appear

While much of the technical monitoring occurs at the bank or processor level, businesses play an important role by reviewing their own ACH activity and using available fraud-prevention tools.

2. Who’s affected and when
The new requirements will be rolled out in two phases:

  • Phase 1 – March 20, 2026
    • Applies to high-volume Originators, ODFIs (Originating Depository Financial Institutions) and RDFIs (Receiving Depository Financial Institutions).
  • Phase 2 – June 19, 2026
    • Extends to all remaining participants in the ACH network.

If your business originates a significant volume of ACH payments, you may be impacted sooner, particularly through your bank’s enhanced monitoring and risk controls.

3. New definition of “False Pretenses”
Nacha is introducing a clearer definition of “False Pretenses” to directly address fraud that occurs when payments are initiated based on deceptive information rather than unauthorized account access.

This includes scams such as:

  • Vendor impersonation – A fraudster pretends to be a known supplier and asks you to change bank details.
  • Business email compromise (BEC) – Criminals gain access to or spoof a company email account and send convincing payment instructions.
  • Payroll redirection schemes – An attacker poses as an employee and requests changes to direct deposit information.

By defining “False Pretenses,” Nacha is recognizing that not all fraud involves a “hacked” account – often, the payment itself is “authorized” but based on false information. The new rules aim to support better prevention and stronger pathways for dispute and recovery.

4. Standardized entry descriptions: PAYROLL and PURCHASE
To improve clarity and make it easier to monitor transactions, Nacha will require standardized descriptions for certain ACH entries:

  • PAYROLL – Used for payroll-related payments, such as employee direct deposits.
  • PURCHASE – Used for purchase-related payments, such as vendor or supplier payments.

These standard entry descriptions help:

  • Enhance transparency into the purpose of each payment
  • Improve monitoring and analytics for fraud detection
  • Support faster identification of unusual or out-of-pattern transactions

For businesses, this may mean working with your bank or payroll/ERP provider to ensure the correct use of these descriptions in your ACH files.

What your business can do now

1. Review your current ACH processes

  • Evaluate how ACH payments are originated, approved and reconciled.
  • Identify any gaps where a fraudulent payment request could slip through—for example, a single person who can both set up and approve new vendors.

2. Strengthen internal controls

  • Require dual approval for new vendors, changes to vendor bank details and high-dollar payments.
  • Implement callback or out-of-band verification for changes to payment instructions.
  • Ensure payroll, AP and finance teams are trained to recognize red flags like urgent or secretive requests.

3. Coordinate across teams
Compliance, finance, operations and IT should work together to:

  • Align internal procedures with the upcoming Nacha standards
  • Document and regularly test fraud-prevention controls
  • Confirm that vendor management and payroll processes include verification steps for bank account changes

4. Engage early with your bank and providers

  • Discuss how your bank, ERP, payroll provider or AP automation platform will support the new Nacha rules.
  • Confirm that your systems will be ready for any file-format or description changes (such as PAYROLL and PURCHASE).
  • Ask about available monitoring tools, alerts and reporting to help you detect unusual ACH activity.

How Signature Bank can help
At Signature Bank, protecting your business from payments fraud is a core priority. Our solutions are built to help you meet evolving Nacha requirements while keeping your operations efficient and secure.

Key tools and capabilities include:

  • Positive Pay – Adds a critical layer of protection to help detect unauthorized or altered checks and or ACH debits before funds are released.
  • ACH monitoring & controls – Supports risk-based review of ACH activity, including filters, blocks and alerts tailored to your business.
  • Finrails® Technology – Integrates AP automation with bank-backed controls, giving you greater visibility, audit trails and security around your payments.

Whether you are already originating ACH transactions or considering additional automation, our team can work with you to:

  • Review your current ACH setup and controls
  • Help you understand how Nacha’s 2026 changes apply to your organization
  • Recommend practical steps to reduce fraud risk and improve compliance

If you would like assistance evaluating your ACH processes or fraud-prevention tools, please contact your Signature Bank Relationship Manager or email us at tm@signaturebank.bank.

For additional guidance and answers to commonly asked questions, please click here. Staying ahead of Nacha rules changes now can help your business operate with greater confidence, stronger controls and a more resilient payments environment in the years ahead.

Is your business prepared for the fraud you don’t see coming?

19 December 2025
cgarcia
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Nearly 8 in 10 organizations were targeted by payment fraud last year – and most didn’t recover their losses.

For many business owners, payment fraud still feels like something that happens to someone else. Until it happens to you.

The truth is, fraud isn’t just growing – it’s getting smarter. Sophisticated tactics like altered checks, fake vendor ACH debits and business email compromise are costing businesses time, money, process disruption and potential reputational damage. And while larger companies often have robust fraud teams, smaller and mid-sized businesses are increasingly being targeted because criminals know they may lack strong controls.

At Signature Bank, we believe every business deserves the tools to defend itself – and that starts with Positive Pay Fraud Protection.

What is Positive Pay?
Positive Pay is a low-cost, automated fraud detection service that screens incoming payments – both checks and ACH – against a list of what your company has authorized. If a payment doesn’t match the details you’ve provided (think: wrong amount, wrong vendor, wrong check number), you get an alert and decide whether to approve or reject it.

Think of it as your early warning system – one that works around the clock and doesn’t let fraud slip through unnoticed.

So why aren’t more businesses using it?
It’s a question we hear often, even from our own clients. Many businesses assume their current accounting software or manual review process is “good enough.” Some have never experienced fraud and don’t see the urgency. Others are simply unsure of the setup process or assume it will be time-consuming and cost prohibited.

Here’s the reality: Only 22% of organizations that were victims of payment fraud in 2024 were able to recover 75% or more of their losses. That means for most, once the money’s gone – it’s gone.

Signature Bank makes it easy
We’ve made it our mission to take the friction frustration out of fraud protection. Signature Bank’s Treasury Management team works directly with clients to implement Positive Pay quickly and painlessly. We help you define the right rules, configure alerts, and ensure your files are being submitted securely and accurately.

What sets us apart is our hands-on approach.
You’re not expected to handle fraud detection alone. Our bankers monitor suspicious activity with you – and when something doesn’t look right, you’re not just getting an automated email. You’re getting a partner.

Whether you prefer to submit check files online or transmit them securely via SFTP, we’ve got the flexibility to meet your workflow.

Three ways Positive Pay protects you

  • ACH Positive Pay
    Create rules for vendors, transaction types and dollar limits. We flag or block anything outside your parameters and alert you when action is needed.
  • Check Positive Pay
    Prevent altered, forged, or duplicate checks by matching payee, amount, and check number against your issued file.
  • Reverse Positive Pay
    Want more control? We’ll send you a list of cleared checks for review – so you can approve or reject based on your own thresholds.

Don’t wait for fraud to happen
Positive Pay isn’t just a defense mechanism. It’s peace of mind. It’s control. It’s knowing that you have someone in your corner when the stakes are high.

If your business isn’t using Positive Pay yet, now is the time to act. Fraud is no longer a someday problem – it’s here. And it’s growing.

Contact Penny Foust
pfoust@signaturebank.bank
773-499-7157

Let’s protect what you’ve built.

Don’t let holiday scams steal your cheer: How to stay safe this season

18 December 2025
cgarcia
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The holiday season is filled with celebrations and time to unwind with family and friends. But it also offers more ways to shop, give and travel, creating opportunities for scammers to steal personal and financial information. Fraud isn’t just growing — it’s getting smarter.

In 2024, the Federal Trade Commission (FTC) reported record-breaking losses — $12.5 billion — with imposter scams among the costliest fraud types. As criminals use increasingly advanced tools, it’s more important than ever to stay vigilant. The following tips can help you protect yourself, your devices and your accounts throughout the busy season.

Common holiday scams to watch this season

Phishing, smishing and imposter messages
Scammers send emails (phishing) or texts (smishing) that appear to be shipping alerts, purchase confirmations or bank notifications. Many now use artificial intelligence (AI) to mimic real brands, making links and language look more convincing.

Tips to stay safe: Never click any links in messages you did not expect to receive. Go directly to the company’s website instead.

Fake online stores and social media seller scams
Fraudsters create storefronts with professional photos and steep discounts. But they have no intention of delivering products. Others pose as sellers on social platforms and request payment outside secure channels.

Tips to stay safe: Carefully check website URLs, review the return policy and research the company before entering payment information.

Package-delivery scams
Fake USPS, UPS and FedEx notifications are especially common during the holidays. These messages often include urgent language and tracking links. If you receive a package you didn’t order, it may also indicate that someone is testing stolen personal information.

Tips to stay safe: Avoid clicking links in package-delivery emails. Visit the carrier’s official site and enter your tracking information manually. If you receive a package you didn’t order, check your accounts for unfamiliar charges and update passwords on sites where you shop.

Gift card scams
Scammers pressure consumers to pay with gift cards because the funds are hard to trace and difficult to recover. Criminals also sometimes tamper with gift card packaging, recording the card and PIN information before the card is purchased.

Tips to stay safe: Inspect packaging closely and keep receipts until the card is used. Be cautious of emails, phone calls or texts demanding payment via gift cards. 

Charity fraud
The holidays bring an increase in both charitable giving and fraudulent fundraising requests. Scammers often create fake websites or impersonate real organizations to solicit donations.

Tips to stay safe: Confirm the charity’s name, website and registration before donating. Avoid urgent requests or pressure to give.

Travel scams and cybersecurity risks
Holiday travel often leads to fraudulent rental listings, fake confirmation emails and malicious Wi-Fi hotspots, which can put both your plans and your personal information at risk.

Tips to stay safe: Be cautious about deals advertised through pop-ups or on unfamiliar travel sites. When you’re on the go, keep devices secure, avoid public charging stations and turn off auto-connect settings to prevent criminals from accessing your device.

How to protect yourself this holiday season

Update and secure your devices
Keeping your operating system, apps and antivirus software up to date is one of the easiest ways to protect your information. Updates fix security flaws and help block malware. Consider turning on automatic updates. Lock your device when not in use and set a strong passcode.

Use strong authentication
Usernames and passwords alone aren’t enough to secure your accounts, such as email, banking and shopping apps. Enable multifactor authentication to add an extra layer of protection and reduce the risk of account takeover.

Shop and browse safely
Avoid making purchases or entering passwords on public Wi-Fi. Use trusted websites and type in URLs directly when possible. Stick with secure payment methods such as credit cards, which offer stronger fraud protections and don’t draw directly from your bank account. Monitor your accounts regularly and enable transaction alerts so you’re notified of unusual activity.

Avoid risky charging and connections
Never plug your phone into public USB charging stations at airports or hotels. Criminals can install malware through those ports. Use your own charging adapter connected to a wall outlet, and turn off auto-connect for Wi-Fi, Bluetooth and near-field communication to prevent unwanted connections.

Declutter your digital life
Delete apps you no longer use and keep the ones you do use up to date. Review permissions for location, camera and microphone to ensure each app has only the access it needs. Purge old files you no longer need and review privacy settings on accounts you use to shop or socialize.

Secure your home network
Use strong encryption and update your router’s firmware to protect devices connected to your home Wi-Fi. A secure home network helps block cyberattacks and protect sensitive information.

How Signature Bank helps safeguard your accounts

Signature Bank uses layered security, account monitoring and fraud-prevention tools to help protect your financial information. If you notice unusual activity or receive a suspicious message that appears to come from us, please contact us immediately at 773-467-5600. Quick action can help prevent losses and keep your accounts secure.

What to do if you think you’ve been targeted

If you believe you’ve been a victim or interacted with a fraudster, follow these steps:

  • Stop communicating immediately
  • Change passwords
  • Enable multifactor authentication
  • Run an antivirus scan
  • Report the incident to the FTC at ReportFraud.ftc.gov
  • Call us immediately at 773-467-5600 so we can help monitor and protect your accounts

A little preparation can make a big difference. By staying alert, updating your devices and using safe online practices, you can protect your information and enjoy a more secure holiday season.

Business owners face additional fraud and cybersecurity risks during the holiday season.

Holiday cyber risks that target businesses

The end of the year brings increased invoice processing, payment activity and charitable giving, which can attract scammers seeking access to business funds or systems. Nearly 8 in 10 organizations were targeted by payment fraud last year, and only 22% of those affected recovered most of their losses. Below are some of the most common risks companies face during the holidays, along with steps to help reduce them.

Business email compromise
Fraudsters impersonate executives or vendors and request urgent wire transfers or changes to payment instructions.

Vendor and invoice scams
Criminals send fake invoices or claim a vendor’s bank account has changed. Always verify changes through a known phone number.

Seasonal hiring and payroll fraud
Fake applicants submit attachments that contain malware or request redirection of paychecks.

How to strengthen your defenses

  • Train employees on phishing scams and secure internet use
  • Use role-based access controls to restrict access to sensitive data
  • Turn on multifactor authentication across systems
  • Require dual control for outbound payments, requiring two authorized users to approve transactions before funds are sent
  • Maintain secure Wi-Fi networks
  • Implement automated backups and data recovery plans

American Banker names Signature Bank one of the 2025 Best Banks to Work For

13 November 2025
cgarcia
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Midwest commercial bank earns recognition for the ninth consecutive year

Chicago, IL — November 13, 2025 — Signature Bank, one of the fastest growing, independently-owned commercial banks in the Midwest, has been named one of the 2025 Best Banks to Work For by American Banker, marking the ninth consecutive year the Chicago-based institution has earned this prestigious honor. The annual ranking recognizes banks that excel at cultivating exceptional workplace cultures that attract, develop, and retain top talent.

American Banker partners with Best Companies Group to identify the nation’s top employers in the banking industry through a rigorous assessment of workplace practices and an anonymous employee survey. This year, 90 banks earned a spot on the list.

“At Signature Bank, our culture is one of our greatest competitive advantages,” said Mick O’Rourke, President and CEO of Signature Bank. “To be recognized for the ninth year in a row is a testament to the commitment and collaboration of Signature Bank’s teams to build strong, purposeful relationships with our customers, communities, and among each other.”

According to the employee engagement survey conducted as part of the Best Banks to Work For program, Signature Bank continues to demonstrate extraordinary cultural strength in key areas such as valued and trusted relationships with peers, supervisors, and leadership, a supportive work environment, and commitment to employee well-being. 

“The banks recognized as Best Banks to Work For are institutions employees want to join and stay,” said Chana Schoenberger, editor-in-chief of American Banker. “They understand how to give workers reasons to find purpose in their jobs.”

Best Companies Group manages the Best Banks to Work For initiative that involves a comprehensive two-step employer and employee survey and analyzing data to determine the final rankings.

About Signature Bank

Signature Bank is celebrating 20 years as an award-winning, relationship-based commercial bank wholly owned by Signature Bancorporation, Inc., a privately funded, locally owned bank holding company founded in 2006. Headquartered in Rosemont, IL, Signature Bank provides accessible, strategic, and highly individualized commercial banking services to closely held companies, as well as full-service retail banking capabilities. Technology-driven and well-capitalized, Signature Bank is currently the fastest growing, independently owned business bank in the Chicago-Wisconsin markets and is one of American Banker’s Best Banks to Work For. Visit Signature Bank online at http://www.signaturebank.bank.

About American Banker

American Banker empowers financial professionals with analysis and insight into the trends shaping the banking industry. Through its journalism, events, and research, American Banker connects a community of over 850,000 industry leaders every day.

About Best Companies Group

Since 2004, Best Companies Group has specialized in identifying and recognizing outstanding employers. As an independent research firm, it ranks organizations using rigorous methodologies that generate actionable data to help companies enhance employee engagement, recruitment, and retention.

Signature Bank named to the 2025 Inc. 5000 list of fastest growing companies in America for fifth year 

13 August 2025
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Chicago-based commercial bank attributes growth to high-touch service, digital innovation and strategic expansion 

Rosemont, IL (August 13, 2025) – Signature Bank, one of the fastest growing, independently-owned commercial banks in the Midwest, today announced it has once again secured a position on the 2025 Inc. 5000 list of America’s fastest-growing private companies. This marks the fifth year of recognition, underscoring the bank’s sustained growth and steadfast commitment to client-focused, relationship-driven banking. 

“Earning a place on the Inc. 5000 list for the fifth year in a row is a tremendous honor and a reflection of our team’s relentless dedication,” said Mick O’Rourke, President and CEO of Signature Bank. “Our growth stems from building trusted client partnerships and delivering the personalized service of a community bank with the capabilities of a larger institution—as demonstrated by our recent rise to number 12 on the Crain’s Chicago Business list of Largest Banks in Chicago.”

The Inc. 5000 list recognizes companies that have achieved significant revenue growth while navigating economic challenges. Signature Bank’s continued expansion has been driven by: 

Client-centered innovation

  • Commercial banking expertise: Tailored solutions for privately held businesses across the Midwest
  • Digital innovation: Cutting-edge platforms that enhance client convenience and efficiency
  • Client loyalty: Long-term relationships and high retention driving consistent growth

Leadership & expansion

  • Entrepreneurial leadership: A founder-led executive team with firsthand business-building experience
  • Culture of excellence: Recognized as a top workplace, attracting and retaining high-performing talent
  • Strategic market expansion: Entering new verticals and regional markets aligned with the bank’s strengths

“Making the Inc. 5000 is always a remarkable achievement, but earning a spot this year speaks volumes about a company’s tenacity and clarity of vision,” says Mike Hofman, editor-in-chief of Inc. “These businesses have thrived amid rising costs, shifting global dynamics, and constant change. They didn’t just weather the storm—they grew through it, and their stories are a powerful reminder that the entrepreneurial spirit is the engine of the U.S. economy.” 

About Signature Bank 

Signature Bank is an award-winning, relationship-based commercial bank wholly owned by Signature Bancorporation, Inc., a privately funded, locally owned bank holding company founded in 2006. Headquartered in Rosemont, IL, Signature Bank provides accessible, strategic, and highly individualized commercial banking services to closely held companies, as well as full-service retail banking capabilities. Technology-driven and well-capitalized, Signature Bank is currently the fastest growing, independently owned business bank in the Chicago-Wisconsin markets and is one of American Banker’s Best Banks to Work For. Visit Signature Bank online at http://www.signaturebank.bank.

About Inc.

Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures LLC, along with fellow leading business publication Fast Company. For more information, visit www.inc.com

Shifting from paper checks to alternative payment methods: Is your business ready? 

12 August 2025
cgarcia
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The U.S. Treasury is ending paper checks — here’s what you need to know

Starting September 30, 2025, the U.S. Treasury will officially stop issuing paper checks for federal payments, including vendor disbursements, tax refunds and benefit payments. This move is part of a broader effort to reduce fraud, increase efficiency and support the ongoing digital transformation of financial services.

Read this ABA announcement for more information.

Paper checks have long been considered slow, costly and vulnerable to fraud. With this federal shift, now is the time for businesses to explore smarter, more secure payment options. At Signature Bank, we’re helping clients make the transition with confidence.

Why the transition away from checks matters

Paper checks introduce delays, require manual processing and are increasingly targeted in fraud schemes. According to AFP’s 2025 survey, 63% of organizations reported check fraud in 2024— making it the most commonly targeted payment method. The U.S. Treasury’s decision to phase them out is a clear signal: digital payments are no longer optional — they’re the new standard.

Signature Bank offers trusted alternatives

Signature Bank partners with small and medium-sized businesses to provide modern, secure payment solutions that help you keep pace with today’s financial environment. From ACH payments to advanced automation tools, we’re here to support your transition from checks with efficiency and expertise.

  • ACH transfers are a reliable, low-cost way to pay vendors, process payroll and remit taxes. They offer a secure and timely alternative to paper checks, with better tracking and fewer delays.
  • Our Signature Bank Visa® Corporate Card Program offers powerful solutions for managing expenses at any scale. Whether you’re a small business looking for flexibility or a larger organization needing more robust controls, we’ve got you covered.
    • Business Cards provide everyday convenience with expense tracking tools, spending limits and built-in fraud protection — ideal for businesses handling variable costs or recurring payments.
    • Corporate Cards are tailored for larger companies with multiple employees, offering advanced reporting, centralized billing and customizable user controls to streamline expense management and improve oversight.

Learn more strategies to protect your business from fraud. 

Talk with a payments expert

We understand that switching payment methods can raise questions. That’s why our team of Signature Bank payment specialists is here to help. Whether you’re looking to streamline operations, reduce risk or modernize your AP process, we’ll help you identify the best solution for your business. 

When business owners become real estate investors

27 July 2025
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By Steven M. Vernon III, Senior Vice President, Group Head, Commercial Real Estate for the Daily Herald

It happens more often than you’d think:

  • A business owner sells their company—but retains the building.
  • An entrepreneur has a liquidity event and starts looking to diversify.
  • An operator retires from one business, only to find themselves exploring commercial real estate investment in their next chapter.

Suddenly, you’re a real estate investor.

But you’re not an expert. Not really. You’ve built your wealth doing something else—and now you’re stepping into a space that’s capital-intensive, deadline-driven and full of nuance.

So what now?

This is a common story in Chicagoland commercial real estate, where a strong network of privately held and family-owned businesses has long been a backbone of the economy. As these business owners exit or evolve, real estate becomes a natural next move. But it’s a move with real financial implications.

A different kind of investor

These first-time real estate investors share many similarities with professional real estate firms and developers. They often come in with strong financial fundamentals, a deep understanding of operations and a healthy appetite for risk—but they may lack familiarity with the nuanced rhythms and structures of the real estate world. Terms like “bridge-to-perm,” “retrade” or “bad boy carve-out” can feel like a new language.

And unlike institutional investors, these individuals tend to make deeply personal decisions. They might be buying a building to house a second-generation business, repurposing a site in a neighborhood they know well or adding stable income to a retirement strategy. Real estate isn’t a product—it’s part of their next identity.

What’s needed—and what’s often missing

For these newly minted real estate investors, access to capital is only part of the equation. More often, what they need most is guidance:

  • How should the deal be structured?
  • What’s the right debt-to-equity mix?
  • What timelines are realistic?
  • What are the risk signals they need to look for?

Many of these investors are used to moving fast in industries they know inside and out. Stepping into real estate means adjusting to different processes, new stakeholder groups, and often, a whole new sense of what “risk” means in a transaction.

The geography shift

It’s not just the profile of investors that’s shifting, it’s the geography of investment, too. In Illinois, rising property taxes and local economic uncertainty have led many Chicagoland-based investors to pursue opportunities in other markets. These investors bring their expertise to those local markets. But as unknown entities without a local track record, this can create difficulty when seeking capital from local institutions.

Many end up looking for lenders who know them personally, even if they don’t know the target market. In these cases, trust is the constant—and market knowledge becomes a variable that can be quickly learned.

Real estate as second act

For many business owners, stepping into real estate isn’t about maximizing internal rate of return (IRR) or building a portfolio. It’s about applying the same instincts that made them successful in business: finding value, managing risk and making bold but informed decisions.

In that way, real estate often becomes a natural next step—not just a financial investment, but a practical extension of the skills that built a successful business in the first place. And with the right support and perspective, it can become a profitable part of the next chapter.

Every investor is unique – and so is every real estate opportunity. Connect with Signature Bank to find the right strategy for your next move.

Steven M. Vernon III leads the Commercial Real Estate Practice at Signature Bank. With over two decades of experience in commercial real estate banking, he brings deep expertise in structuring complex transactions and delivering tailored financing strategies across a broad range of asset classes. Contact Steven at svernon@signaturebank.bank.

Signature Bank climbs to No. 12 on Crain’s Chicago Business list of largest banks

9 July 2025
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Chicago-based bank celebrates major milestone as one of the region’s largest and fastest-growing commercial banks

Rosemont, IL — July 9, 2025 — Signature Bank has proudly advanced to the No. 12 position on the prestigious Crain’s Chicago Business 2025 list of the Largest Banks in Chicago, up from No. 15 the previous year. This significant milestone reflects the bank’s robust growth, strong financial performance and unwavering commitment to delivering exceptional commercial banking solutions across the Chicago and Wisconsin markets.

“Our improved ranking on Crain’s Chicago Business list demonstrates our ongoing commitment to exceeding expectations,” said Mick O’Rourke, President and CEO of Signature Bank. “We are pleased to further solidify our position as a trusted leader in Chicago’s commercial banking market, offering clients a combination of personalized service and sophisticated financial solutions that rival much larger institutions.”

This annual ranking, based on total assets as of December 31, 2024, highlights Signature Bank’s strategic momentum and elevated market presence. The bank’s upward trajectory is fueled by its focus on customer-centric service, innovative technology and forward-thinking financial strategies.

Key drivers of growth and recognition

  • Commercial Banking Excellence: Signature Bank specializes in relationship-based banking tailored to closely held companies throughout Illinois and Wisconsin, combining accessibility and strategic financial expertise.
  • Digital Innovation: The bank continues to invest in advanced banking technologies to provide seamless, secure and efficient service for both commercial and retail clients.
  • Award-Winning Workplace Culture: Named one of American Banker’s Best Banks to Work For, Signature Bank is powered by a dedicated team of professionals committed to excellence.

This achievement further reinforces Signature Bank’s status as one of the fastest-growing, independently owned business banks in the Chicago-Wisconsin region.

About Signature Bank

Signature Bank is an award-winning, relationship-based commercial bank wholly owned by Signature Bancorporation, Inc., a privately funded, locally owned bank holding company founded in 2006. Headquartered in Rosemont, IL, Signature Bank provides accessible, strategic and highly individualized commercial banking services to closely held companies, as well as full-service retail banking capabilities. Technology-driven and well-capitalized, Signature Bank is currently the fastest growing, independently owned business bank in the Chicago-Wisconsin markets and is one of American Banker’s Best Banks to Work For. Visit Signature Bank online at http://www.signaturebank.bank.

Chicago business climate: Challenges, resilience, and the road ahead

2 July 2025
cgarcia
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In a recent conversation on Chicago’s AM 560, Kevin Bastuga, Signature Bank Co-Founder and Executive Vice President, offered candid insights into the current business environment in the Chicago area. As a leader working closely with local entrepreneurs and mid-sized companies, Kevin has a front-row seat to both the headwinds and the opportunities shaping today’s economy.

Lingering uncertainty in a post-tariff, post-pandemic market

Kevin noted that while many business owners have stepped off the sidelines and begun to make larger investment decisions in recent years, uncertainty still lingers—especially around trade policies and the long-term impact of tariffs. These pressures continue to affect manufacturing businesses that rely on imported goods.

“There’s still some trepidation about making decisions related to production and key inputs and the price of those inputs,” he explained. “We’re hoping that resolves in the next 60 to 90 days so people can get back to worrying about what they should be worrying about.”

Labor shortages: A rolling concern for industrial clients

When asked about the top challenges facing clients today, Kevin zeroed in on the labor market. Many of Signature Bank’s clients operate in industrial parks around Chicago, where “Help Wanted” signs are commonplace.

“There are real opportunities out there for people who want to pursue a trade,” he said. “It’s a dignified and important way to contribute to the economy, but it’s clear that many companies are struggling to fill those roles.”

He also pointed to the broader concern among business owners regarding the local and state policy environment—citing taxation, regulation, and political rhetoric as ongoing friction points.

Serving those who can’t just pick up and move

Unlike massive corporations that can relocate to other states with relative ease, Kevin emphasized that smaller, locally rooted businesses don’t have that luxury.

“The $12 million metal finishing company in Addison? They’re fighting to stay competitive. They can’t just pack up and leave,” he said. “They’re battling on wages, benefits and hiring just to maintain momentum.”

And yet, despite these headwinds, Signature Bank sees the Midwest—and Chicago in particular—as a uniquely strong environment for business growth.

Geographic advantage: Why Chicago still works

From Kevin’s perspective, the fundamentals are still strong. Chicago’s industrial base is bolstered by critical infrastructure: two major airports, major interstate arteries, extensive rail access, and a concentration of logistics operations that continues to grow.

“We’ve even seen international manufacturers—like a European company—begin to move operations to Chicago to avoid tariff-related costs,” he added. “That’s a direct result of our geographic advantages and our ability to support onshoring.”

Moreover, the city benefits from reliable utilities, fresh water access, and a rich tradition of manufacturing and small business entrepreneurship.

A precarious but productive moment

In Kevin’s words, “There are a lot of headwinds out there.” But even in the face of policy frustrations and labor market challenges, businesses are adapting. Some are thriving.

And at Signature Bank, that adaptability is a guiding principle.

“We pride ourselves on speed of delivery, certainty of execution, and decision-making that happens locally. That’s what today’s business owners need—and it’s what we’re built to provide.”

Why every business should think about 401k plans — especially if they don’t have one

1 July 2025
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By Shaun Pesce, Retirement Plan Specialist, Signature Bank for Milwaukee Business Journal

When business owners think about 401(k) plans, they often view them as an employee perk—one of those benefits you consider once your company reaches a certain size or maturity. But what many don’t realize is that a 401(k) can be just as advantageous for the owner as it is for their team. It’s more than a recruitment incentive; it’s a strategic tool for building personal wealth, optimizing taxes, and strengthening the business for the long term.

Too often, retirement plans are treated as a line item or a checked box rather than what they truly are: a foundational element of financial leadership. Whether you’re a sole proprietor or leading a growing team, the right 401(k) strategy can benefit both your people and your own future.

The business owner’s blind spot: Misconceptions and missed opportunities

It’s understandable why many small and midsized business owners hesitate to start a 401(k). Concerns about administrative complexity, fiduciary responsibility, and cost often deter action. Others assume they need to be a certain size or revenue level before it’s worth it.

But these assumptions often come at a cost. By postponing a retirement plan, owners miss out on personal tax advantages, wealth-building opportunities, and employee goodwill. Contrary to popular belief, even solo business owners can start a 401(k), and many costs can be offset by tax deductions. Today’s retirement plan providers—especially when partnered with a knowledgeable bank—make setup and ongoing management far more approachable than in years past.

A strategic tool for growth and retention

Beyond its financial mechanics, a 401(k) is a powerful strategic tool for any business. In today’s competitive labor market, employees expect more than just a paycheck—they’re actively looking for benefits that support long-term financial security. According to AARP, the U.S. is facing a retirement readiness crisis: one in five Americans has no retirement savings, and nearly half worry they won’t have enough to last through retirement. Retirement benefits are no longer viewed as a “nice to have,” but as one of the easiest and most effective ways to build long-term wealth—making them a critical factor for job seekers evaluating their next move.

For small businesses, this creates a real opportunity. Offering a 401(k) signals stability and a long-term commitment to employee well-being. Meaningful outcomes are more important than just the means to save for retirement. Companies can stand out in industries where wage competition alone may not be enough. This is especially true in skilled labor markets, family-run companies, or businesses relying on multigenerational workforces.

Additionally, 401(k) plans are highly customizable. Employers can structure matching contributions, profit-sharing elements, and vesting schedules to align with company goals—whether that’s improving retention, rewarding tenure, or encouraging long-term thinking.

Personal wealth building for owners

One of the most overlooked aspects of a 401(k) plan is how it benefits the owner directly. With proper plan design, business owners can contribute meaningfully to their own retirement—starting with salary deferrals up to the annual IRS limit and extending to employer contributions that can significantly boost total savings.

Certain plan types are especially favorable for owner participation. Safe Harbor plans eliminate many of the compliance testing hurdles and allow for higher contributions. Solo 401(k)s are ideal for businesses with no employees other than a spouse. Independent law firms, Certified Public Accountants (CPAs), or gig economy professionals can set these up through streamlined processes. Mature businesses might even consider pairing a 401(k) with a cash balance plan to maximize retirement contributions when cash flow is strong.

From a tax planning standpoint, the advantages are substantial. Contributions reduce taxable income, investment gains grow tax-deferred, and plan-related expenses are often deductible business costs. In short, a 401(k) is a practical and powerful financial planning tool—not just a benefit offering.

Getting started isn’t as hard as you think

For many owners, the first step is the hardest. The good news? You don’t have to do it alone.

Setting up a 401(k) plan typically involves a few key steps: assessing your business’s needs, choosing a provider, designing the plan, and communicating it to your team. While fiduciary responsibilities exist, they’re manageable—especially with an experienced partner at your side. Modern plan providers, often in collaboration with banks, wealth advisors, and current payroll providers, can handle the heavy lifting: compliance, filings, participant education, and more.

Choosing the right banking partner: What to look for

The success of your 401(k) program depends largely on the partner you choose. Here are a few qualities to prioritize:

  • Retirement plan expertise – Look for a partner with dedicated specialists who understand not just accounts, but full plan design, long-term strategy, and how to explain provisions in simple terms to employees to help them maximize their benefits.
  • Customization – Can they tailor the plan to fit your specific goals, business size, employee mix, and growth trajectory?
  • Hands-on service – Will they provide proactive guidance beyond initial setup?
  • Compliance support – How do they help you navigate fiduciary duties, annual testing, and IRS filings?
  • Technology + education – Strong partners provide user-friendly tools for plan management and accessible resources for employees.

Choosing the right bank or financial advisor can streamline the process, reduce administrative burden, and ensure your plan evolves alongside your business.

Conclusion: Leading with the long game in mind

Ultimately, a 401(k) is not just about retirement—it’s about leadership, stewardship, and long-term value. It’s a move that signals confidence in your business’s future and a commitment to your team and yourself.

The sooner business owners take the first step, the greater the impact. Whether you’re just starting out or preparing for succession, a well-structured 401(k) can be a cornerstone of your strategy. And with the right banking partner, it’s easier than you think.

Every business is different—and so is every retirement plan. Connect with Signature Bank to find the right fit for your company and your future.

Shaun Pesce is a retirement services expert at Signature Bank. He advises clients on strategies pertaining to investments, asset allocation, 401(k), 403(b), 457, Non- qualified, Cash Balance, Defined Benefit, and retirement income. Contact Shaun at spesce@signaturebank.bank.