Signature Bank Appoints Veteran Asset-based Lending Team; Expands Service Offering
Signature Bank Appoints Veteran Asset-based Lending Team; Expands Service Offering
Entry into Asset-based Lending Strengthens Bank's Capabilities and Enhances Offering
NEW YORK--(BUSINESS WIRE)-- Signature Bank (NAS: SBNY) , a New York-based full-service commercial bank, announced today the formation of a new asset-based lending group, marking the Bank's entry into this specialized area.
Leading the four-person team, which will be based at the Bank's headquarters at 565 Fifth Avenue in Manhattan, N.Y., is Robert Love, Senior Vice President and Group Director. Love has 23 years of experience in this specialty lending arena, and will oversee the asset-based lending efforts of Signature Bank. Love started Amalgamated Capital, the asset-based lending division of Amalgamated Bank, and headed the effort during the past three years. Prior, he held several related roles including, among others, Senior Vice President of Originations at Royal Bank of Scotland, Senior Vice President and Northeast Team Leader at The CIT Group and Senior Vice President of Origination at GE Capital.
Love and his team all worked together at Amalgamated Capital prior to joining Signature Bank. Furthermore, certain team members also had worked together at other institutions.
Joining Love is Wendy Berney Nelson, named Senior Vice President, Underwriting and Portfolio Manager. Nelson, with 20 years of related experience, will manage the underwriters and portfolio managers in her new role. Previously, Nelson held a similar role at her former institution as well as other underwriting positions at AmSouth Capital, Heller Financial, the CIT Group and various lending-related entities.
Additionally, Robert R. Wallace was appointed Vice President, Portfolio Manager, responsible for managing the Bank's new portfolio of asset-based loans. At Amalgamated Capital, Wallace was Senior Underwriter and Portfolio Manager, responsible for handling a portfolio of asset-based clients. Wallace, with 30 years of lending experience, previously served in other comparable positions at Capital One Leverage Finance Corp., PNC Credit Corp. and Transamerica Business Capital Corp., among other institutions.
Marissa Bianco Wych will serve as Vice President, Underwriter for asset-based lending. She will underwrite direct and indirect asset-based loans while assisting her team with portfolio management. Prior to her working in this same capacity at Amalgamated Capital, Wych spent several years at the CIT Group, in a range of roles for its compliance group, the project management office and in the business credit/C&I portfolio area.
"The appointment of this new asset-based lending team led by Bob Love further strengthens our product offerings to our privately held commercial clients. Similar to the establishment of our specialty finance subsidiary, Signature Financial, our new asset-based lending effort is led by an experienced and well respected team. We look forward to the contributions Bob and his team will make to enhance our position in the marketplace," explained President and Chief Executive Officer Joseph J. DePaolo.
Love commented on his team's move to Signature Bank, stating: "At Signature Bank, we are building a solid, complementary asset-based lending practice dedicated to serving middle market companies, where we will provide clients with creative structures and highly personalized service. Our commitment to client care directly corresponds with Signature Bank's client-first philosophy, which is an ideal fit for our team. We look forward to establishing our presence and securing a leadership role in the asset-based lending arena via the proven Signature Bank platform."
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 $19.7 billion in assets, $15.3 billion in deposits, $1.7 billion in equity capital and $1.8 billion in other assets under management as of June 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 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.
Eric R. Howell, 646-822-1402
Executive Vice President-Corporate & Business Development
Susan J. Lewis, 646-822-1825
KEYWORDS: United States North America New York
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