Signature Bank

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Signature Bank
Public company
Traded asNASDAQSBNY
S&P 400 Component
IndustryBanking, Financial Services
Founded2001; 17 years ago (2001)
Headquarters,
United States
Key people
  • Scott Shay (chairman)
  • Joseph J. DePaolo (president, CEO)
  • John Tamberlane (vice chairman and director)
Total assets$45.87 billion (Q3 2018)[1]
Total equity$4.23 billion (Q3 2018)[2]
SubsidiariesSignature Securities Group Corporation

Signature Financial LLC

Signature Public Funding Corp.
Websitesignatureny.com

Signature Bank is a New York-based full-service commercial bank with 30 private client offices located in New York, Connecticut, and one in California[3][4] Signature Bank's specialty finance subsidiary, Signature Financial LLC, provides equipment finance and leasing.[5] Signature Securities Group Corporation, a wholly owned Bank subsidiary, is a licensed broker-dealer and investment adviser offering investment, brokerage, asset management, and insurance products and services.[6]

Overview[edit]

As of September 30, 2018, the bank had total assets of $45.87 billion, deposits of $36.09 billion, and loans of $35.13 billion.[7]

Signature Bank offers business and personal banking products and services. Its specialty finance subsidiary, Signature Financial, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned bank subsidiary, is a licensed broker-dealer, investment adviser and member of FINRA and SIPC, offering investment, brokerage, asset management and insurance products and services.[8] It has been dubbed "NY's most successful bank" by Crain's New York Business[9] and was ranked as The Best Business Bank, Best Private Bank and Best Attorney Escrow Services provider by the readers of The New York Law Journal in the publication's 2018 survey for the third consecutive year. In the survey, it was also awarded second place in The Best Private Bank category.[10]

In 2015, Forbes ranked the bank as No. 1 in its America's Best & Worst Banks evaluation.[11] Forbes' 2016 ranking of it as No. 6 marked the sixth consecutive year that the bank was among the Forbes top ten.[12] Additionally, Forbes has rated the bank as one of America's Fifty Most Trustworthy Financial Companies.[13]

In early 2016, some investors filed suit against Signature after the company lost $66 million of investor cash in a ponzi scheme run by William Landberg, a money manager who pleaded guilty to the crime.[14] Investors allege that Signature helped Landberg by ordering him to shift money around dozens of accounts to cover up long-term overdrafts. Landberg was sentenced to three and a half years in federal prison. A spokeswoman for Signature said the bank “vigorously denies” any accusations of wrongdoing, saying it was also a victim in the fraud and did not benefit from Mr. Landberg's actions.[15]

As of September 30, 2018, the bank had total assets of $45.87 billion, deposits of $36.09 billion, and loans of $35.13 billion.[16]

Board of Directors[edit]

Prominent figures at the bank include former U.S. Congressman Barney Frank, and Ivanka Trump, who sat on the board of directors.[17][18] Trump stepped down from the board of directors on April 24, 2013.[19]

Corporate History[edit]

Signature Bank was founded as an entrepreneurial start-up in 2001. Founders Joseph J. DePaolo, the Bank's current President and Chief Executive Officer, Scott A. Shay, Chairman of the Board, and John Tamberlane, Vice Chairman and Director, conceptualized the idea of a commercial bank that would cater to clients through a distinctive single-point-of-contact approach. This client-centric model focuses on serving the needs of privately owned businesses, their owners, and senior managers, an underserved market overlooked by competitors. Upon inception, the Bank began competing against some of the nation's largest too-big-to-fail megabanks by catering to this market niche. This has since become the hallmark of Signature Bank's model and growth as it continues to target and successfully address the needs of this market.[20] The Bank completed its Initial Public Offering in March 2004 and began trading on the NASDAQ under the symbol SBNY.[21] In 2018, the Bank expanded its footprint and commenced operations on the West Coast with the opening of its first private client banking office in San Francisco, California.[22]

Branch Locations[edit]

There are currently 31 private client office locations of Signature Bank, all of which are in the United States.[23]

New York[edit]

·       Manhattan (9)

·       Brooklyn (4)

·       Bronx (1)

·       Queens (4)

·       Staten Island (2)

·       Westchester County (2)

·       Nassau County (5)

·       Suffolk County (2)

California[edit]

·       San Francisco (1)

Connecticut[edit]

·       Greenwich (1)

References[edit]

  1. ^ "INSURED U.S.-CHARTERED COMMERCIAL BANKS THAT HAVE CONSOLIDATED ASSETS of $300 MILLION or MORE, RANKED by CONSOLIDATED ASSETS". June 30, 2018.
  2. ^ "Signature Bank (FDIC # 57053)". November 26, 2018.
  3. ^ "Signature Bank Private Client Offices". signatureny.com. Retrieved November 13, 2018.
  4. ^ "New York bank poaches from First Republic to expand into Bay Area". The Business Journals. Retrieved November 13, 2018.
  5. ^ "Navigating The Future" (PDF).
  6. ^ Ensign, Rachel Louise. "The Only Bank This Hip-Hop Mogul Will Use". The Wall Street Journal. Retrieved November 13, 2018.
  7. ^ "Signature Bank Reports 2018 Third Quarter Results". Retrieved 2018-11-15.
  8. ^ "The Only Bank This Hip-Hop Mogul Will Use". The Wall Street Journal. Retrieved May 11, 2016.
  9. ^ Elstein, Aaron (April 28, 2014). "New York's most successful bank". Crain Communications.
  10. ^ "The New York Law Journal - Best of 2018". Nylawyer.nylj.com. Retrieved December 18, 2016.
  11. ^ Badenhausen, Kurt (December 22, 2014). "America's Best And Worst Banks 2015". Forbes.
  12. ^ Badenhausen, Kurt (January 7, 2016). "America's Best Banks 2016". Forbes.
  13. ^ Dill, Kathryn (April 1, 2014). "America's 50 Most Trustworthy Financial Companies". Forbes.
  14. ^ Vanderford, Richard (March 30, 2012). "SEC Wants Up To $13M In Fraud Case Against West End Exec". Law360.
  15. ^ Moyer, Liz (February 23, 2016). "Signature Bank Sued Over Connection to Ponzi Schem". The New York Times. ISSN 0362-4331.
  16. ^ "Signature Bank Reports 2018 Third Quarter Results". Retrieved November 13, 2018.
  17. ^ "Board of Directors". Signature Bank. Retrieved May 11, 2016.
  18. ^ Reilly, Steve; Sallah, Michael; Murphy, Brett; Penzenstadler, Nick (June 7, 2018). "Cozy land deals meant big money for Trump family and friends". USA Today.
  19. ^ "Ivanka Trump Leaves Signature Bank's Board". American Banker. Retrieved July 21, 2018.
  20. ^ York, Banking New. "Signature Bank: Relationships Matter". www.bankingny.com. Retrieved 2018-11-15.
  21. ^ Gelsi, Steve. "Signature Bank makes its mark". MarketWatch. Retrieved 2018-11-15.
  22. ^ "Signature Bank Appoints Two Teams to Its New San Francisco Banking Office". Retrieved 2018-11-15.
  23. ^ "Signature Bank Private Client Offices". www.signatureny.com. Retrieved 2018-11-15.

External links[edit]