Signature Bank (Nasdaq: SBNY), a New York-based full-service
commercial bank, announced today the establishment of its new Fund
Banking Division, dedicated to providing financing and banking
services to the private equity industry. Signature Bank’s new Fund
Banking Division will offer subscription lines of credit,
management company lines of credit and general partner loans,
specifically targeted to private equity firms and their general
partners. The Fund Banking Division will be based in Midtown
Manhattan.
Tom Byrne, named Managing Group Director and Head of the Fund
Banking Division, will lead the Bank’s nationwide platform.
Previously, Byrne, who brings nearly 30 years of banking industry
experience to his new role, was Group Head of Silicon Valley Bank’s
Global Fund Banking Division in New York City, where he retained
global responsibility for all business development and relationship
management activities for the firm’s private equity client base.
Prior, Byrne was Group Head of the Peacock Equity Fund, an
investment arm of NBCUniversal. In this capacity, he had global
investment and portfolio management responsibility for the firm’s
venture capital fund. Before joining GE/NBCUniversal, Byrne was a
senior media and telecommunications banker at both ABN AMRO and
Royal Bank of Canada, with responsibility for developing global
client relationships.
Several top professionals with expertise from some of the
nation’s top fund banking platforms have joined the Bank’s new Fund
Banking Division. These include Brian Schneider, Trevor Freeman,
Charles Newcomb and Victor Rutenberg, each named Managing
Directors, responsible for originating and structuring new business
opportunities within the private equity funds arena.
Schneider and Freeman both join from Silicon Valley Bank in New
York. Schneider, with more than 23 years of related financial
services experience, was Region Manager in the Global Fund Banking
Division. He managed the seven-person NYC-based Fund Banking team,
based in New York City. Previously, he was Senior Vice President,
Loan Syndications (including Fund Banking transactions) at Lloyd’s
Securities, Inc., and earlier, a Director, Loan Syndications for 14
years at Dresdner Bank.
Freeman was also a Managing Director, primarily responsible for
the structuring of significant subscription credit facilities for
leading private equity and venture capital funds. Earlier, he spent
13 years at Citibank as Senior Vice President in the Sponsor
Finance Group. Freeman’s nearly 20-year career has been spent
focused on serving the private equity and venture capital
industry.
Newcomb joins from Comerica Bank in New York City, where he held
the role of Managing Director – Equity Fund Services Group. In this
capacity, he originated and structured debt products for private
equity and venture funds. Earlier, he was Vice President in
Subscription Finance at Wells Fargo Securities, and Associate
Director at WestLB AG as part of the Financial Institutions Group.
He has spent 13 years in the banking arena.
Rutenberg brings 18 years of financial experience to his new
role. Most recently, he was Director of the Citibank Sponsor
Finance Team in Manhattan, responsible for origination and
structuring of fund financing facilities. Prior, Rutenberg worked
at several global banks, including SMBC and WestLB, where he was
originating and structuring credit facilitates for private equity
funds.
Kevin Chiu was appointed to the post of Relationship Manager in
the Fund Banking Division. He has worked in private banking
managing ultra-high-net-worth client relationships for the past 15
years. Chiu joins from U.S. Trust in Midtown Manhattan, where he
served as Private Client Manager for the past three years.
Meredith Kane, Anthony Episcopio and Kaylin Searles were all
named Senior Associates for the Division. Kane has been with
Signature Bank in Midtown Manhattan for more than two years,
assisting with onboarding new clients and expanding client
relationships. She spent six years serving as a Senior Preferred
Banker at First Republic Bank, assisting in business development
and client research and analysis before joining Signature Bank.
Episcopio held this same title at Silicon Valley Bank in New York,
where he handled portfolio management, structuring and underwriting
subscription credit facilities for private equity firms. Searles
joins from UBS Private Wealth Management, where she was a Wealth
Strategy Associate in Miami, performing investment research and
portfolio management.
“We continue to identify avenues of opportunity for the growth
of Signature Bank, and are excited to establish this new division
and platform. The fundamentals of the private equity industry are
strong and deeply rooted in the New York landscape, and we believe
this is an excellent time for the Bank to add emphasis to this
complementary area,” explained Joseph J. DePaolo, Signature Bank
President and Chief Executive Officer.
“Tom and his team bring to us a distinctive fund banking
specialty and many years of collective experience. Together, they
will all serve as a single point of contact for private equity
firms and their general partners, consistent with our founding
private client banking philosophy. We look forward to the Bank’s
initiative in the private equity space, and to the position we
expect to solidify within this specialized area,” DePaolo
added.
Byrne commented on joining Signature Bank: “My team and I are
excited to join Signature Bank and create this new division. We
believe that at Signature Bank, we have the right platform and
professionals in place to serve our clients and prospects in a
distinguishing manner that will support their growth and future
success. We are quickly establishing the Bank’s role in the fund
banking arena, and are focusing on the contributions we will make
across the new Fund Banking Division.”
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. In 2018, the Bank expanded its footprint on the West
Coast with the opening of its first full-service private client
banking office in San Francisco. The Bank’s growing network of
private client banking teams serves the needs of privately owned
businesses, their owners and senior managers.
Signature Bank’s 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
$45.22 billion in assets, $34.15 billion in loans, $34.99 billion
in deposits, $4.15 billion in equity capital and $3.49 billion in
other assets under management as of June 30, 2018. Signature Bank's
Tier 1 and risk-based capital ratios are significantly above the
levels required to be considered well capitalized.
Signature Bank is ranked the 40th largest bank in the U.S. from
nearly 6,000, based on deposits (SNL Financial). The 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 Business Bank, Best Private Bank and Best
Attorney Escrow Services provider by the New York Law Journal in
the publication’s annual “Best of” survey for 2018, earning it a
place in the New York Law Journal’s Hall of Fame, awarded to
companies that have ranked in the “Best of” Survey for at least
three of the past four years.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181016005193/en/
Signature BankInvestor
Contact:Eric R. Howell, 646-822-1402Executive Vice President
– Corporate and Business
Developmentehowell@signatureny.comorMedia
Contact:Susan J. Lewis,
646-822-1825slewis@signatureny.com
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