Further Expands California Presence with Addition of New Leadership and Veteran Banking Talent
April 17, 2018 - NEW YORK--Signature
Bank (Nasdaq: SBNY), a New York-based full-service commercial bank,
announced today the appointment of two veteran California-based banking
executives to lead its new West Coast operations.
Joe Petitti will build and lead Signature Bank’s West Coast expansion as
the newly appointed Head of West Coast Operations while John (Jack)
Knight was appointed to the post of Managing Director – Cash Management
Operations. They will be temporarily based out of the Bank’s recently
opened accommodation office in San Francisco while building out the
Bank’s full service private client banking office at 201 Mission Street
in Downtown San Francisco.
In this new role, Petitti will spearhead the Bank’s expansion and
strategy in California, including its efforts to attract seasoned,
private client banking teams while Knight will be responsible for cash
management products and services as well as day-to-day operational
support of our West Coast activities.
Petitti has more than 30 years of banking and financial services
experience. Most recently he served as Executive Vice President at First
Republic Bank, responsible for all deposit acquisition strategies,
including the preferred banking offices, private banking, online
banking, consumer lending and client services. Previously, he was
Executive Vice President and Head of Retail Segment management for Union
Bank. Petitti has also held several other senior management positions
with Innoventry, a fintech startup, Centurion Capital Management and
California Federal Bank.
Knight, also joins from First Republic Bank where he was National
Director of Preferred Banking, and led all of the private banking teams
located in key U.S. cities. During his tenure, he also served as Vice
President of Business Services, handling daily operations, and client
support for a range of commercial banking and cash management services.
Knight also was Senior Vice President of Corporate Deposit Services at
Union Bank, leading a team of deposit relationship managers in
California and the Pacific Northwest. Prior, he was a Senior Vice
President in corporate banking at Wells Fargo in Los Angeles.
“Joe and Jack have spent years building their extensive and impressive
careers in the California banking arena. The chance to welcome them into
our network comes at a very opportune time for us, as Signature Bank
extends its services and brings its proven private client banking model
to California. They are an ideal fit for our enterprise and growth
plans,” stated Joseph J. DePaolo, president and chief executive officer
at Signature Bank.
“We believe the West Coast marketplace is ripe for our distinctive
single-point-of-contact team approach to relationship banking. Since
appointing our first private client banking team in California last
summer, we have quickly learned that our client-centric philosophy and
high-touch service is much needed. And, with the West Coast mega-banks
in disarray, we think this is the right time to further solidify our
entry into California as we anticipate market change and consolidation
and foresee opportunity,” DePaolo explained.
“This is an excellent opportunity, and we intend to build a solid,
successful team of experienced and talented bankers, capable of
competing in San Francisco and the California marketplace. We will
strive to replicate the success Signature Bank has realized on the East
Coast. We are excited to become part of the Signature Bank team, and
lead the Bank’s California expansion,” Petitti said.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial
bank with 30
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
Since commencing operations in May 2001, the Bank has grown to $43.12
billion in assets, $32.61 billion in loans, $33.44 billion in deposits,
$4.03 billion in equity capital and $3.61 billion in other assets under
management as of December 31, 2017. Signature Bank's Tier 1 and
risk-based capital ratios are significantly above the levels required to
be considered well capitalized.
Signature Bank recently earned several third-party recognitions,
including: appeared on Forbes'
Best Banks in America list for the eighth consecutive year in 2018;
named Best Private Bank and Best Attorney Escrow Services provider and
among the top three Best Business Banks for the eighth consecutive year
by the New
York Law Journal in the publication’s annual
Best of reader survey; cited in the top three of the
nation's best private banking services providers in the The
National Law Journal Best of 2017 reader rankings; earned Best
Commercial Bank of the Year – U.S. award from International Banker in
Banker 2017 North and South American Awards program; received two
gold Stevie Awards® in The
15th Annual American Business Awards for 2017: Company of
the Year in both Banking and Financial Services-Large categories.
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.