Signature Bank

Signature Bank
Public company
Traded as NASDAQ: SBNY
S&P 400 Component
Industry Banking, Financial Services
Founded 2001 (2001)
Headquarters New York, NY, United States
Key people
 Scott Shay (Chairman)
Joseph J. DePaolo, (President, CEO)
John Tamberlane (Vice Chairman and Director)
Revenue IncreaseUS$373 million (2015)[1]
Website signatureny.com

Signature Bank is an American, full-service commercial bank, based in New York City. The bank serves clients throughout the New York metropolitan area, Westchester, Long Island and Connecticut.[2]

Overview

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.[3]

Signature Bank has been called “NY’s most successful bank” by Crain’s New York Business[4] and was ranked as The Best Business Bank by the readers of The New York Law Journal in the publication’s 2016 survey for the third consecutive year. In the survey, Signature Bank also ranked as one of The Best Attorney Escrow Services Providers and was awarded second place in The Best Private Bank category.[5]

In 2015, Forbes ranked Signature Bank as #1 in its America’s Best & Worst Banks evaluation.[6] Forbes’ 2016 ranking of Signature Bank as #6 marked the sixth consecutive year that the bank was among the Forbes top ten.[7] Additionally, Forbes has rated Signature Bank as one of America’s Fifty Most Trustworthy Financial Companies.[8]

Prominent figures at the bank include former U.S. Congressman Barney Frank, and Ivanka Trump, who sit on the board of directors.[9][10]

Ivanka Trump stepped down from the board of directors on April 24th, 2013. [11]

Controversy

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.[12] 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.[13]

References

  1. ↑ "Signature Bank Reports 2015 Fourth Quarter and Year-End Results". 21 January 2016.
  2. ↑ "Wall Street Money: Barney Frank To Oversee Democratic Platform While Running Big Bank". ibtimes. Retrieved 2016-05-11.
  3. ↑ "The Only Bank This Hip-Hop Mogul Will Use". WSJ. Retrieved 2016-05-11.
  4. ↑ Elstein, Aaron (28 April 2014). "New York's most successful bank". Crain Communications.
  5. ↑ "Reader Rankings". Nylawyer.nylj.com. Retrieved 18 December 2016.
  6. ↑ Badenhausen, Kurt (22 December 2014). "America's Best And Worst Banks 2015". Forbes.
  7. ↑ Badenhausen, Kurt (7 January 2016). "America's Best Banks 2016". Forbes.
  8. ↑ Dill, Kathryn (1 April 2014). "America's 50 Most Trustworthy Financial Companies". Forbes.
  9. ↑ "Board of Directors". Signature Bank. Retrieved 2016-05-11.
  10. ↑ Reilly, Steve; Sallah, Michael; Murphy, Brett; Penzenstadler, Nick (June 7, 2018). "Cozy land deals meant big money for Trump family and friends". USA Today.
  11. ↑ "Ivanka Trump Leaves Signature Bank's Board". American Banker. Retrieved 2018-07-21.
  12. ↑ Vanderford, Richard (30 March 2012). "SEC Wants Up To $13M In Fraud Case Against West End Exec". Law360.
  13. ↑ Moyer, Liz (23 February 2016). "Signature Bank Sued Over Connection to Ponzi Schem". The New York Times. ISSN 0362-4331.
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