Description
Signature Bank is a New York-based full-service commercial bank with 37 private client offices throughout the New York, Connecticut, California, and North Carolina. Signature Bank's specialty finance subsidiary, Signature Financial LLC, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned subsidiary, is a licensed broker-dealer and investment adviser offering investment, brokerage, asset management, and insurance products and services.
At the end of Q2 2021, the bank had total assets of $96.88 billion, deposits of $85.56 billion, and loans of $53.99 billion.
History
Signature Bank was founded 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. The bank completed its initial public offering in March 2004 and began trading on the NASDAQ under the symbol SBNY. 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. In 2020, the bank continued its expansion throughout southern California, opening new offices in Newport Beach, Woodland Hills, and Ontario.
