The Bank’s third report devoted to Environmental, Social, and Governance (ESG) matters, titled “Looking Forward. Giving Back.,” echoes the Bank’s purpose statement that was adopted following its twentieth anniversary in 2021. This official tenet has been brought to life through the growth of Signature Bank’s formal Social Impact programs; continued dedication to corporate governance and ethical progress; and a steadfast devotion to clients and colleagues.
The report presents a comprehensive review of the Bank’s Social Impact activities during 2021, as well as a look back on the Bank’s 20-year history and timeline since its founding. In addition to outlining Signature Bank’s Social Impact priorities, the report provides details on the Bank’s drive to become more equitable through improved talent acquisition efforts, as well as a breakdown of philanthropic activities by both the Bank and colleagues alike; how Signature Bank is leading change through conscientious lending activities with regard to social and environmental issues; the Bank’s strategy of operating a business model with a minimal footprint; and much more.
Highlights in the report include:
- A recap of new career development initiatives put in place for training current colleagues as well as attracting experienced new talent. For example, the hiring of a Vice President, Talent Acquisition Manager and a Talent Diversity Program Manager to support the Bank’s goal of building a more diverse and inclusive workforce;
- A breakdown of the Bank’s new Employee Resource Groups, including the Women’s Council established in 2021 and other groups launching in 2022;
- Details on how Signature Bank colleagues gave back beyond monetary donations;
- The announcement of the Bank’s new Go Green environmental impact lending program. As of December 31, 2021, Signature Bank has committed $100 million to Go Green qualifying loans; and,
- Use of the Sustainability Accounting Standards Board (SASB) framework for disclosure purposes.
Lisa Bond, Chief Social Impact Officer and Senior Vice President, notes that “this report was a labor of love for all that believe in Signature Bank’s mission. One reason why we continue to grow and maintain a strong governance and leadership structure is our demonstrated commitment to enhance community partnerships and attract a more diverse workforce. We will remain proactive in our approach to building out a social impact strategy, and I thank the numerous colleagues here that are helping us accomplish that goal.”
“In addition to being our twentieth anniversary and a year to celebrate what we’ve accomplished, 2021 was also the prime time for us to demonstrate our increasing responsibility as corporate citizens,” says Joseph J. DePaolo, President and Chief Executive Officer. “Our third Social Impact Report does just that and is yet another showcase for our purpose statement that is now ingrained in our colleagues’, and hopefully, our clients’ DNA: ‘Looking Forward. Giving Back.’”
“I continue to be amazed at how far we’ve come from our humble beginnings to a now over $100 billion enterprise,” concludes Chairman of the Board Scott A. Shay. “I’m more proud, however, of our continued commitment to our colleagues, our clients, and our communities. This report presents that story in a clear and concise way for these audiences and shows how it will progress over the next twenty years and beyond.”
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service national commercial bank with 38 private client offices throughout the metropolitan New York area, as well as in Connecticut, California, North Carolina, and Nevada, Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, Signature Bank reached $121.85 billion in assets and $109.16 billion in deposits as of March 31, 2022. Signature Bank placed 19th on S&P Global’s list of the largest banks in the U.S., based on deposits at year-end 2021.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ enables commercial clients to make real-time payments in U.S. dollars, 24/7/365, and was also the first solution to be approved for use by the New York State Department of Financial Services.
For more information, please visit https://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. 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 expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams’ hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward-looking statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “target,” “goal,” “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; (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic and the conflict in Ukraine, which are having impacts on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. 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. 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.