Signature Bank Named Best Bank in America by Forbes
Signature Bank Named Best Bank in America by Forbes
Bank Reaches Top Position on List after Continually Advancing for Five Consecutive Years
NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today that it was named the best bank in America by Forbes in the publication’s annual list of America’s Best and Worst Banks 2015. Signature Bank has consistently appeared on this prominent list for the past five years, advancing its position annually, based on performance, which culminated in the Bank earning the top spot for 2015.
To create this list, Forbes relied on financial data provided by Charlottesville, Va.-based SNL Financial. Using this data, Forbes ranked the 100 biggest banks by assets in terms of asset quality, capital adequacy and profitability. Metrics used to rank the banks included net interest margin; nonperforming loans (NPLs) as a percentage of loans; nonperforming assets as a percentage of assets; reserves as a percentage of NPLs; two capital ratios (Tier 1 and risk-based) and leverage ratio. The data was derived from regulatory filings of banks and thrifts for the period ending September 30, 2014. Forbes also factored in return on average equity over the last 12 months as well as revenue growth for the same period, with the latter information coming from FactSet Research Systems. Forbes compiled the ranking of the best and worst banks based on an average of the individual ranks of each metric.
The sixth annual ranking of Forbes’ America’s Best and Worst Banks 2015 was released on December 22, 2014 on www.forbes.com. “In a landscape primarily dominated by large, too-big-to-fail institutions, Signature Bank continues to stand out not only amongst our clients, who make this top listing possible, but also amid the eyes of various third parties, like Forbes, who objectively evaluate and recognize performance through industry rankings. We are extremely proud of the efforts of all our colleagues, who comprise some of the industry’s most talented banking veterans. We remain dedicated to delivering high levels of service to our clients -- mostly privately owned businesses -- through our distinctive single-point-of-contact approach, whereby single teams of bankers are capable of handling all clients’ needs,” explained Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank.
“Our client-centric team philosophy has been at the core of our business model since the Bank’s inception in 2001, resulting in 20 consecutive quarters of record earnings and consistently setting deposit and loan growth records. We attribute our fifth consecutive top-10 finish on the Forbes list of America’s Best Banks to our ability to attract some of the industry’s most experienced relationship bankers who bring an unwavering commitment to our clients. Being named Best Bank in America by Forbes is truly a prestigious honor; one that our entire organization can take pride in having achieved,” DePaolo added.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 28 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn, Westchester, Long Island, Queens, the Bronx and Staten Island. 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 as well as transportation and taxi medallion financing. 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 $26.0 billion in assets, $21.3 billion in deposits, $2.40 billion in equity capital and $3.24 billion in other assets under management as of September 30, 2014. Signature Bank's Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.
For 2015, the Bank was named the Best Bank in America by Forbes and the only large cap bank to appear on Forbes’ list of America’s 50 Most Trustworthy Financial Companies. Furthermore, Signature Bank was voted Best Business Bank by the New York Law Journal in the publication’s fifth annual reader survey; named the nation’s fifth top-performing bank by ABA Banking Journal; and, ranked seventh on Bank Director magazine’s 2014 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.
Contacts
Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Executive Vice President – Corporate & Business Development
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com