NEW YORK … March 31, 2009 … Signature Bank (Nasdaq:SBNY), a New York-based full-service commercial bank, announced today that it returned the $120 million it received from the U.S. Department of Treasury in December 2008 from its participation in the Capital Purchase Program.
Signature Bank's Chairman of the Board, Scott A. Shay, commented on the return of the funds: "We are pleased that as one of the most well-capitalized institutions in the country, Signature Bank is among the first to repurchase the preferred shares it issued as part of the U.S. Department of Treasury's Capital Purchase Program, and the funds can now be recycled to those institutions that need the funds. With our tangible common equity in excess of eight percent following the return of the funds to the Treasury, Signature Bank remains one of the strongest capitalized institutions in the nation."
Joseph J. DePaolo, President and Chief Executive Officer, added: "The revised, expanded legislation included in the American Recovery and Reinvestment Act of 2009, passed on February 17, 2009, adversely affected our business model and it became apparent that we should return these funds to the Treasury. The return of these funds allows us to continue to execute our business model, which includes the successful recruitment and retention of highly talented banking professionals throughout the metropolitan New York area."
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 22 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.
Signature Bank's 22 offices are located throughout the metropolitan New York area. In Manhattan - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South and 1020 Madison Avenue. Brooklyn - 26 Court Street; 84 Broadway and 6321 New Utrecht Avenue.
Westchester - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island - 1225 Franklin Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 68 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck and 100 Jericho Quadrangle, Jericho. Queens - 36-36 33rd Street, Long Island City and 78-27 37th Avenue, Jackson Heights. Bronx - 421 Hunts Point Avenue, Bronx. Staten Island - 2066 Hylan Blvd.
Since commencing operations in May 2001, the Bank has grown to $7.19 billion in assets, $5.39 billion in deposits, $698 million in equity capital and $2.7 billion in other assets under management as of December 31, 2008. 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. Forward-looking statements include information concerning our future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, capitalization, new private client team hires, new office openings, the regulatory environment and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," "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 and regulatory 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 risks are described in the offering circular relating to the offering and 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.