Klett to Remain with the Bank as a Consultant Through March 2020;
Succession Plan Includes Promotion of Two Long-Time Colleagues and
Seasoned Members of CRE Private Client Team Led by Klett
NEW YORK--(BUSINESS WIRE)--
Bank (Nasdaq: SBNY), a New York-based full-service commercial bank,
announced today the retirement of George M. Klett, Group Director,
Executive Vice President and Chairman of its Commercial Real Estate
(CRE) Committee, effective January 2, 2018. He will remain active with
the Bank in a senior advisory role until March 2020.
Klett joined Signature Bank in October 2007 from Capital One, formerly
North Fork Bank, in Melville, N.Y., bringing four decades of experience
to the Bank, along with a team of six carefully chosen commercial real
estate and banking professionals. This team comprised some of the
industry's top commercial real estate lending veterans, who have
continued their stellar reputation in CRE while at Signature Bank, based
on personal relationships and exceptional service for which the Bank has
Since joining Signature Bank, Klett and his team have been credited with
significantly contributing to the growth of the loan portfolio and
establishing our commercial real estate leadership position. Under
Klett's direction, Signature Bank has emerged as one of the most
substantial commercial real estate lenders in the metro-N.Y.
marketplace, and amongst the area's largest multifamily lenders. As of
the third quarter ended September 30, 2017, the Bank's CRE portfolio was
$23.6 billion, including $14.8 billion in multifamily loans.
Succeeding Klett are two colleagues, Joseph Fingerman and John Zieran,
who originally joined Signature Bank with him a decade ago, and with
whom he has closely worked for nearly 20 years. Both Fingerman and
Zieran also are well known in the real estate community across owners,
brokers and other key CRE constituents.
"We are committed to continuing to build upon the strong, solid
foundation George has helped create while further leveraging the
resources he put in place over the past decade. Additionally, with
George on board as a consultant, he will serve as an advisor to Joseph
Fingerman, John Zieran and our senior management team as we transition
to new CRE leadership. We will continue on the path George and his team
paved throughout the metro-NY commercial real estate arena to further
expand our growing loan portfolio," commented Joseph J. DePaolo,
co-founder, president and chief executive officer at Signature Bank.
"When George initially joined Signature Bank, he brought strong
relationships and unrivaled CRE expertise to our Bank, which have proved
beneficial, as evidenced by the size of our current loan portfolio.
During his tenure, he has prepared Joseph Fingerman and John Zieran for
their new roles, and they will excel just as their predecessor did. From
one Bronx guy to another Bronx guy, we thank George for all his
accomplishments at Signature Bank, and look forward to our continued
relationship," DePaolo said.
"I want to take this opportunity to thank Signature Bank management for
the platform afforded me and my team, which enabled this institution to
become one of the top CRE lenders throughout New York. I am confident in
the succession plan senior management has put in place. I have
personally worked with Joseph Fingerman and John Zieran for many years,
who are now recognized CRE leaders in their own right. Under our
consultancy arrangement, I will remain in regular communication with
management and the team for several years, ensuring a seamless
transition that allows Signature Bank to maintain its leadership role
and continue realizing ongoing CRE success," Klett concluded.
Klett, 67, received an honorable discharge from the United States Air
Force, where he reached the level of Staff Sergeant. He serves on the
Board of Governors for The Real Estate Board of NY, Inc., an
organization representing the interests of real estate brokers,
developers and commercial property owners, and is a member of the
Lincoln Center Real Estate & Construction Council. He has appeared on
the list of The Commercial Observer's 50 Most Powerful People in
New York Real Estate Finance several times, most recently ranking eighth.
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 offers a wide variety of business and personal banking
products and services. Its 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
Since commencing operations in May 2001, the Bank has grown to $41.33
billion in assets, $31.19 billion in loans, $33.68 billion in deposits,
$3.93 billion in equity capital and $3.44 billion in other assets under
management as of September 30, 2017. Signature Bank's Tier 1 and
risk-based capital ratios are significantly above the levels required to
be considered well capitalized.
Signature Bank ranked on Forbes'
Best Banks in America list for the seventh consecutive year in 2017
and was recently named Best Private Bank and Best Attorney Escrow
Services provider and also ranked 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. Additionally, Signature Bank was cited among
the top three of the
nation's best private banking services providers in the 2017
Best of The National Law Journal reader rankings. The Bank
was also named Best Commercial Bank of the Year - U.S. by International
Banker in their International
Banker 2017 North and South American Awards program. Furthermore,
Signature Bank was the recipient of two gold Stevie Awards® in The
15th Annual American Business Awards for 2017: Company of
the Year in both Banking and Financial Services-Large categories.
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: http://www.businesswire.com/news/home/20171031005130/en/
R. Howell, 646-822-1402
Executive Vice President - Corporate and
Susan J. Lewis, 646-822-1825
Source: Signature Bank
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