| Signature Bank Enters into New Territory with Bronx Opening |
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| Friday, 04 November 2005 | |
Signature Bank Enters into New Territory with Bronx OpeningNEW YORK, NY, (NAMC) - Signature Bank (Nasdaq:SBNY), a New York-based full-service commercial bank, announced today that it has named Joseph L. Vessecchia to the post of Group Director and Senior Vice President for the Bank's new Hunts Point, Bronx, N.Y., location. The new office, at 421 Hunts Point Avenue, takes Signature Bank into new territory and marks its 14th location within the New York metropolitan area. The Hunts Point peninsula is particularly suited to Signature Bank's business model in that it is home to many privately owned businesses, the Bank's target market. In fact, the Hunts Point peninsula spans approximately 690 acres, almost half of which is occupied by a 329-acre food distribution center. Much of the New York region is fed by this food distribution center, which is comprised of more than 115 wholesalers that generate revenue in excess of $3 billion per year. With the upcoming addition of the Fulton Fish Market, the area will gain roughly 40 new merchants and an estimated $1 billion in sales revenue. Over the years, Vessecchia has built a solid career serving the Hunts Point area. Prior to joining Signature Bank, Vessecchia was First Vice President and Manager for HSBC's two Hunts Point-area branches. He had been employed with its predecessor bank, Republic National Bank, since 1985. His 37-year banking career includes previous positions held with Republic National Bank as Branch Manager from 1985 to 2000, and various positions at Marine Midland from 1968-1985. His employment within the banking industry began at Chemical Bank. Other team members joining who have worked with Vessecchia for the past several years include: Christine Petino of the Bronx, named Associate Group Director (has worked with Vessecchia since 1983); Syed Ahsan, a Chester, N.Y., resident, also appointed Associate Group Director; and Gregory Toher of New Rochelle, N.Y., who will serve as Senior Client Associate. Commenting on his appointment, Vessecchia said: "Joining Signature Bank appeals to me because I value the culture, philosophy and support provided by senior management. After a long-standing career with the same bank, the decision to leave should have been difficult, but Signature Bank's structure and business model made it an easy choice. Here, we will operate autonomously as a team, and run our business with one goal in mind -- to meet all the financial services needs of our clients by providing them a single point of contact." Joseph J. DePaolo, Signature Bank President and Chief Executive Officer, commented on Signature Bank's continued expansion and recruitment efforts: "Having been born and raised in the Bronx, I am excited that Signature Bank is now entering this dynamic and growing market. The Hunts Point opening and the appointment of this team demonstrate our commitment to opening strategic locations for seasoned bankers with solid client relationships. This Hunts Point location takes the number of the Bank's private client teams and group directors to 38 and 47, respectively. We continue to attract bankers who want to focus exclusively on client relations and premier service. Signature Bank affords them that opportunity." During his extensive career, Vessecchia has built strong relationships with companies engaged in the food services industry, in particular wholesalers within the produce and meat markets. Vessecchia resides in Hartsdale, N.Y., with his wife. Vessecchia is a charter member of the Hunts Point Industry and Commerce Association, which became the Hunts Point Local Development Corporation. About Signature Bank Signature Bank, member FDIC, is a New York-based full-service commercial bank with 14 private client offices located in the New York metropolitan area, serving the needs of privately owned businesses, their owners and senior managers through dozens of private client groups. The Bank offers a wide variety of business and personal banking products and services as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member NASD/SIPC. Since commencing operations in May 2001, the Bank has grown to $3.97 billion in assets, $3.13 billion in deposits, $348 million in equity capital and approximately $1.17 billion in other assets under management as of September 30, 2005. Signature Bank's 14 offices are located throughout the metropolitan New York area. In Manhattan - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue and 950 Third Avenue. Brooklyn - 26 Court Street and 84 Broadway. Westchester - 1C Quaker Ridge Road, New Rochelle. Long Island - 1225 Franklin Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 58 South Service Road, Melville and 923 Broadway, Woodmere. Queens - 36-36 33rd Street in Long Island City. Bronx - 421 Hunts Point Avenue, Hunts Point. 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. Forward-looking statements include information concerning our future results, interest rates, loan and deposit growth, operations, new private client team hires, new office openings and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," "plan," "estimate" or 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, which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance; (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; and (iv) competition for qualified personnel and desirable office locations. Additional factors are described in our quarterly and annual reports. 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. Contact: |
