NEW YORK--(BUSINESS WIRE)--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 member FINRA/SIPC.
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 Blvd.
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 actual results.