Signature Bank Names Two New Members to Its Board of Directors
NEW YORK -- April 24, 2013
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank,
announced today the appointment of two new members to serve on its board of
directors. Judith Huntington and Michael Pappagallo join the Signature Bank
board, effective today.
Huntington, with 25 years of financial-related experience, serves as President
of The College of New Rochelle (CNR), a role she held since July 2011. Prior,
she was President–elect for one year, having joined CNR as Vice President for
financial affairs in 2001, responsible for all fiscal issues involving the
College. Before joining CNR, Huntington spent 15 years at KPMG as audit senior
manager for its metro-N.Y. higher education, research and other not-for-profit
practice. She is a certified public accountant and member of the Board of
Directors of the Westchester County Association and the Commission of
Independent Colleges and Universities. She also serves on the Lower Hudson
Valley Catholic Consortium and is a member of the Middle States Commission on
Higher Education’s evaluation team.
Pappagallo brings decades of commercial real estate experience to the Bank’s
board. Currently, he is Executive Vice President and Chief Operating Officer
of Kimco Realty, the nation’s largest owner of neighborhood and community
shopping centers, and a member of its Investment Committee. Prior to this
position, he held the role of Chief Financial Officer from 1997-2010. Before
joining Kimco, Pappagallo was Chief Financial Officer of GE Capital’s
Commercial Real Estate Financing business. During his seven-year tenure with
GE, he served in various other financial and business development positions.
Pappagallo was a senior manager in the audit group at KPMG earlier in his
career, and is a certified public accountant. He is also a member of the
American Institution of Certified Public Accountants and the International
Council on Shopping Centers.
Huntington and Pappagallo fill seats vacated by Yacov Levy and Ivanka M.
Trump. Levy joined the Board in 2003 and after a decade of dedicated service,
will pursue other opportunities while Trump served for 18 months and did not
seek re-election due to time constraints in her highly demanding schedule.
“The Board welcomes Judy and Mike and also extends gratitude to Yacov and
Ivanka for their service. Yacov helped guide the Bank from a privately held
institution when he joined the Board, to one of the largest and fastest
growing banks in the country. He spent five of his 10 years serving as Chair
of the Examining Committee, and we thank him for those efforts. Throughout
Ivanka’s tenure, she shared tremendous insights about the emerging
entrepreneurial community in New York City, which was very useful as the Bank
caters to many entrepreneurial-led businesses. We wish them both continued
success in all their endeavors,” remarked Signature Bank’s Chairman of the
Board Scott A. Shay.
“Judy’s expertise in the education, social services and not-for-profit arenas
is particularly pertinent as the Bank serves many clients spanning those
sectors. Mike possesses deep knowledge of many facets within commercial real
estate -- a key component of our loan portfolio -- as well as a strong
financial and public accounting background. We look forward to the
contributions they will both make to our Board,” Shay concluded.
“The assets both Judy and Mike bring to Signature Bank will prove extremely
advantageous to the Board, senior management and the institution’s future
direction, growth and expansion. Their guidance and insights will be
beneficial to us as we continue to attract talented banking professionals to
our franchise, broaden our network of private client banking teams and offer
clients a safe, sound financial experience through our established,
single-point-of-contact business model,” added Joseph J. DePaolo, President
and Chief Executive Officer.
Signature Bank’s Board is at its full complement with nine directors, six of
whom are independent.
Huntington, 49, resides in New Milford, Conn. She holds a bachelor of business
administration degree from Pace University. Pappagallo, 54, lives in Trumbull,
Conn. and attended Iona College, where he earned a Bachelor’s degree in
Business Administration with a major in accounting.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank
with 26 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
Signature Bank's 26 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 (1) - 2066 Hylan
Since commencing operations in May 2001, the Bank has grown to $18.3 billion
in assets, $14.8 billion in deposits, $1.7 billion in equity capital and $1.7
billion in other assets under management as of March 31, 2013. Signature
Bank's Tier 1 and risk-based capital ratios are significantly above the levels
required to be considered well capitalized.
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
Eric R. Howell, 646-822-1402
Chief Financial Officer
Susan J. Lewis, 646-822-1825,
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