Signature Bank Announces Election of New Director to Its Board
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today the election of a
new member to serve on its board of directors. Derrick D. Cephas joined the Signature Bank board, effective April 21, 2016,
following his election at the Company’s Annual Meeting of Shareholders.
Cephas, who fills a seat vacated by Michael Pappagallo, is a partner at Weil, Gotshal & Manges LLP, a New York City-based
international, full-service law firm. He has broad-based experience in the representation of commercial banks, thrift institutions,
bank holding companies and foreign banking corporations across a wide range of regulatory and transactional matters. Cephas works
closely with clients, counseling them with respect to compliance with the Dodd-Frank Act and the Volcker Rule as well as The Bank
Holding Company Act and on enhanced prudential standards for large banks.
Prior to joining Weil, Gotshal & Manges, Cephas served as president and chief executive officer of Amalgamated Bank, which,
at the time he served, was a $4.5 billion commercial bank headquartered in New York City. Previously, he was a banking and
corporate law partner in the New York office of Cadwalader, Wickersham & Taft. Earlier, Cephas served as the Superintendent of
Banks for the State of New York, from 1991 to 1994. He is a former member of the Board of Directors of the Dime Savings Bank of New
York, Merrill Lynch International Bank and D.E. Shaw & Co. Inc. Currently, he is a Director of the Fresh Air Fund, Empire State
Development Corporation, The New York City Board of Correction, Trevor Day School and the New York City Housing Authority as well
as a member of the Board of Advisors for The Mayor’s Fund to Advance New York City.
“We welcome Derrick to the Board. He is a seasoned banking and legal professional with a well-rounded and distinguished career.
He brings significant experience in public policy matters relating to the banking industry to the Signature Bank Board. Derrick’s
extensive and diverse background led the members of our Board to conclude that his expertise would greatly complement our efforts.
We look forward to his contributions. Concurrently, we thank Michael for his valuable guidance and counsel during the past three
years that he served on the Board, a pivotal time in the growth and expansion of Signature Bank,” stated Signature Bank Chairman of
the Board Scott A. Shay.
“As we continue on our path to distinguish the Bank in the marketplace, based on our single-point-of contact approach to
relationship banking, we look forward to the support Derrick will give in furthering the Bank’s growth and financial performance.
We are pleased to add someone to our Board with the vast knowledge and broad experience in the banking sector which Derrick
possesses,” said Joseph J. DePaolo, President and Chief Executive Officer.
Signature Bank’s Board remains at its full complement with nine directors, six of whom are independent.
Cephas, 64, resides in New York City. He graduated with an A.B. degree from Harvard College and earned his J.D. degree at
Harvard Law School.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 29 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn,
Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. 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. Its specialty finance subsidiary,
Signature Financial, LLC, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned Bank
subsidiary, is a licensed broker-dealer, investment adviser and member FINRA/SIPC, offering investment, brokerage, asset management
and insurance products and services.
Since commencing operations in May 2001, the Bank has grown to $34.90 billion in assets, $25.04 billion in loans, $28.11 billion
in deposits, $3.37 billion in equity capital and $5.20 billion in other assets under management as of March 31, 2016. Signature
Bank's Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.
Signature Bank ranked sixth on Forbes’ Best and Worst Banks in America 2016 list and third on leading trade journal Bank
Director’s 2015 Bank Performance Scorecard for banks with assets between $5 and $50 billion.
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 teams 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 and
can change as a result of many possible events or factors, not all of which are known to us or in our control. 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.
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.
Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Executive Vice President –
Corporate and Business Development
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com
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