Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today it ranked second in the U.S. in three categories of the National Law Journals eighth annual readers poll, wherein readers cast their votes for the best providers of services and goods to the legal profession. The categories include Best Business Bank, Best Private Banking Services and Best Attorney Escrow Services.
Every year, the National Law Journal polls the legal community nationally on the best products and services for their law office practices. From data technology products and banking services to litigation support and alternative dispute resolution providers, National Law Journals Best of survey showcases the businesses that stand out among their competitors.
The rankings, which were revealed in the March 2019 edition of this national legal trade publication, reflect the votes of nearly 7,000 attorneys and other legal professionals, who were presented an opportunity to vote in more than 75 legal-related categories. The voting process is purely democratic, and results represent the opinions of National Law Journal readers as well as members of the national legal community.
Signature Bank continues to demonstrate its commitment to providing unparalleled client care and service to local communities. Law firms comprise a significant portion of our overall commercial client base of privately owned businesses. We are honored to earn this prestigious ranking nationwide, which comes on the heels of being named the top bank in the same three categories of the ‘Best of’ survey by New York Law Journal, a sister publication of the National Law Journal. We appreciate that attorneys in New York and around the country took the time to cast their votes for Signature Bank, and acknowledge our efforts on behalf of their community, said President and Chief Executive Officer Joseph J. DePaolo.
The National Law Journal is a reliable news outlet for attorneys, designed to keep the legal community nationwide abreast of industry trends and developments. The publication is owned by ALM, a global leader in specialized business news and information serving the legal, real estate, consulting, insurance and investment advisory industries.
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About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 31 private client offices throughout the New York metropolitan area and Connecticut as well as San Francisco. The Banks growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers.
Signature Banks 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.
Signature Bank recently introduced its revolutionary, blockchain-based digital payments platform, Signet„¢, enabling real-time payments for its commercial clients. The Signet Platform allows the Banks commercial clients to make payments in U.S. dollars, 24/7/365, safely and securely, without transaction fees. Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform, and Signet is the first such platform to be approved for use by the NYS Department of Financial Services.
Since commencing operations in May 2001, the Bank has grown to $47.36 billion in assets, $36.42 billion in loans, $36.38 billion in deposits, $4.41 billion in equity capital and $3.78 billion in other assets under management as of December 31, 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 one of the top 40 largest banks in the U.S., based on deposits (S&P Global Market Intelligence). The Bank recently earned several third-party recognitions, including: appeared on Forbes’ Best Banks in America list for the eighth consecutive year in 2018; and, named Best Business Bank, Best Private Bank and Best Attorney Escrow Services provider by the New York Law Journal in the publications annual Best of survey for 2018, earning it a place in the New York Law Journals 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.
Executive Vice President – Corporate and Business
Susan J. Lewis