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Signature Bank Receives Approval from New York State Department of Financial Services and the FDIC to Commence Operations in California

August 1, 2018

NEW YORK--(BUSINESS WIRE)--Aug 1, 2018--Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today it has received approval from both the New York State Department of Financial Services (NYSDFS) and the Federal Deposit Insurance Corp. (FDIC) to commence operations in California.

The Bank opened an official accommodation office in early 2018 as it began preparations to introduce its proven single-point-of-contact banking model on the West Coast.

“What started with an accommodation office is quickly developing into a full-service private client banking office. We will now have a comprehensive banking presence and capabilities in the heart of downtown San Francisco. With the approvals from the NYSDFS and the FDIC, we will focus on swiftly appointing veteran banking teams and expanding our West Coast network in the same manner as we did across the metro-New York area,” said Signature Bank President and Chief Executive Officer Joseph J. DePaolo.

“There is significant talent on the West Coast, and our established single-point-of-contact approach has already been very well received since the Bank launched its presence in San Francisco. We look forward to expanding our footprint in California and bringing privately owned businesses the same level of client commitment, care and service for which this Bank has become known,” DePaolo added.

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’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 $44.44 billion in assets, $33.25 billion in loans, $34.82 billion in deposits, $4.00 billion in equity capital and $3.66 billion in other assets under management as of March 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 , with more than $44 billion in assets, is ranked the 40 th 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 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; and, cited in the top three of the nation’s best private banking services providers in the 2017 Best of The National Law Journal reader rankings.

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180801005354/en/

CONTACT: 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

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE

SOURCE: Signature Bank

Copyright Business Wire 2018.

PUB: 08/01/2018 05:00 AM/DISC: 08/01/2018 05:01 AM

http://www.businesswire.com/news/home/20180801005354/en

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