Signature
Bank (Nasdaq: SBNY), a New York-based full-service commercial bank,
announced today that it was named the second best bank in the country by Forbes
in its annual
list of the Best Banks in America. Signature Bank’s position
advanced one notch to the second slot in the 2014 list from 2013, when
it ranked third. The 2014 list inclusion marks Signature Bank’s fourth
consecutive appearance on the list, where each time it ranked in the top
10.
Signature Bank has been recognized industry wide throughout 2013. Other
accolades consist of: ranking 7th in the list of Top Performing Big
Banks domestically from the ABA Banking Journal, a trade
publication; rating fifth in Bank Director Magazine’s (trade
journal) annual Bank Performance Scorecard; and, being named the
#1 Attorney Escrow Provider, the #2 Business Bank and the #2 Private
Bank by the readers of the New York Law Journal in the legal
periodical’s annual survey.
Forbes ranked the 100 largest publicly traded banks and thrifts
using nine measures of financial health: return on average equity; net
interest margin; nonperforming loans (NPLs) as a percentage of loans;
nonperforming assets as percentage of assets; reserves as a percentage
of NPLs; three capital ratios (Tier 1, risk-based and leverage) and
revenue growth. All data was provided by Charlottesville, Va.-based
financial data provider SNL
Financial, with the exception of revenue growth. Forbes
compiled the ranking of the best and worst banks based on an average of
the individual ranks of each metric.
The fifth annual ranking of Forbes’ America’s Best and Worst
Banks 2014 was released on December 19, 2013 on www.forbes.com.
“The fact that Signature Bank’s position continues to rise -- despite an
increasingly competitive and tumultuous banking landscape -- is a true
reflection of the dedication and talent of our entire network of private
client bankers and financial professionals,” explained Joseph J.
DePaolo, President and Chief Executive Officer at Signature Bank.
“We continue to emphasize our single-point-of-contact approach,
demonstrating our commitment to client care, and this philosophy has
served our institution, clients and bankers well since our founding
nearly 13 years ago. We have consistently delivered record results
across all our key metrics, including significant growth in deposits,
loans and earnings, and we are honored that the Bank’s performance was
once again recognized by Forbes as well as other industry trade
publications,” DePaolo said.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial
bank with 27 private client offices throughout the New York metropolitan
area. The Bank’s growing network of private client banking teams serves
the needs of privately owned businesses, their owners and senior
managers. Signature Bank offers a wide variety of business and personal
banking products and services. The Bank operates Signature Financial,
LLC, a specialty finance subsidiary focused on equipment finance and
leasing, transportation financing and taxi medallion financing.
Investment, brokerage, asset management and insurance products and
services are offered through the Bank’s subsidiary, Signature Securities
Group Corporation, a licensed broker-dealer, investment adviser and
member FINRA/SIPC.
Since commencing operations in May 2001, the Bank has grown to $21.0
billion in assets, $16.05 billion in deposits, $1.76 billion in equity
capital and $1.76 billion in other assets under management as of
September 30, 2013. Signature Bank's Tier 1 and risk-based capital
ratios are significantly above the levels required to be considered well
capitalized.
Signature Bank's 27 offices are located: In Manhattan (9) - 261 Madison
Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third
Avenue; 200 Park Avenue South; 1020 Madison Avenue; 50 West 57th Street
and 2 Penn Plaza. Brooklyn (3) - 26 Court Street; 84 Broadway and 6321
New Utrecht Avenue. Westchester (2) - 1C Quaker Ridge Road, New Rochelle
and 360 Hamilton Avenue, White Plains. Long Island (7) - 1225 Franklin
Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 68 South
Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road,
Great Neck; 100 Jericho Quadrangle, Jericho and 360 Motor Parkway,
Hauppauge. Queens (3) – 36-36 33rd Street, Long Island City; 78-27 37th
Avenue, Jackson Heights and 8936 Sutphin Blvd., Jamaica. Bronx (1) - 421
Hunts Point Avenue, Bronx. Staten Island (2) - 2066 Hylan Blvd. and 1688
Victory Blvd.
For more information, please visit www.signatureny.com.
This press release and oral statements made from time to time by our
representatives contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 that are subject
to risks and uncertainties. You should not place undue reliance
on those statements because they are subject to numerous risks and
uncertainties relating to our operations and business environment, all
of which are difficult to predict and may be beyond our control. Forward-looking
statements include information concerning our future results, interest
rates and the interest rate environment, loan and deposit growth, loan
performance, operations, new private client team and other hires, new
office openings and business strategy. These statements often
include words such as "may," "believe," "expect," "anticipate,"
"intend," “potential,” “opportunity,” “could,” “project,” “seek,”
“should,” “will,” would,” "plan," "estimate" or other similar
expressions. As you consider forward-looking statements, you
should understand that these statements are not guarantees of
performance or results. They involve risks, uncertainties and
assumptions that could cause actual results to differ materially from
those in the forward-looking statements. These factors include
but are not limited to: (i) prevailing economic conditions; (ii) changes
in interest rates, loan demand, real estate values and competition, any
of which can materially affect origination levels and gain on sale
results in our business, as well as other aspects of our financial
performance, including earnings on interest-bearing assets; (iii) the
level of defaults, losses and prepayments on loans made by us, whether
held in portfolio or sold in the whole loan secondary markets, which can
materially affect charge-off levels and required credit loss reserve
levels; (iv) changes in monetary and fiscal policies of the U.S.
Government, including policies of the U.S. Treasury and the Board of
Governors of the Federal Reserve System; (v) changes in the banking and
other financial services regulatory environment and (vi) competition for
qualified personnel and desirable office locations. As you read
and consider forward-looking statements, you should understand that
these statements are not guarantees of performance or results. They
involve risks, uncertainties and assumptions and can change as a result
of many possible events or factors, not all of which are known to us or
in our control. Although we believe that these forward-looking
statements are based on reasonable assumptions, beliefs and
expectations, if a change occurs or our beliefs, assumptions and
expectations were incorrect, our business, financial condition,
liquidity or results of operations may vary materially from those
expressed in our forward-looking statements. Additional risks are
described in our quarterly and annual reports filed with the FDIC. You
should keep in mind that any forward-looking statements made by
Signature Bank speak only as of the date on which they were made. New
risks and uncertainties come up from time to time, and we cannot predict
these events or how they may affect the Bank. Signature Bank has
no duty to, and does not intend to, update or revise the forward-looking
statements after the date on which they are made. In light of
these risks and uncertainties, you should keep in mind that any
forward-looking statement made in this release or elsewhere might not
reflect actual results.
Copyright Business Wire 2014