Signature Bank (Nasdaq: SBNY), a New York-based full service commercial bank, announced today the formal opening of its new office in the Borough Park section of Brooklyn, N.Y.
The new private client banking office is located at 6321 New Utrecht Avenue (at 64th Street), Brooklyn, N.Y. 11219, and marks Signature Bank's third office in the borough and 20th throughout metro-N.Y.
In June 2007, Signature Bank announced plans to open a Borough Park location, at the time it appointed the private client banking team headed by Group Director and Senior Vice President Teresa Pellegrino-Hoefel. Pellegrino-Hoefel spent the past 20 years (of her 33-year banking career) working with clients in Borough Park and neighboring communities while serving in various positions for a different financial institution. She, along with her team, has brought a vast knowledge base and expertise of the local market to Signature Bank.
"Brooklyn is an important market for us, and now, with three offices here, we are able to cater to the many privately owned businesses, their owners and managers located throughout the borough. Teresa and her team had been working from our nearby Court Street office until this location was ready. They are looking forward to settling in and to further expanding Signature Bank's presence in the area. This office affords us additional opportunities for growth across Brooklyn, as we offer clients a single point of contact to meet all their banking needs," Signature Bank President and CEO Joseph J. DePaolo explained.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 20 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 20 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; 58 South Service Road, Melville; 923 Broadway, Woodmere and 40 Cuttermill Road in Great Neck. Queens - 36-36 33rd Street, Long Island City and 78-27 37th Avenue, Jackson Heights. Bronx - 421 Hunts Point Avenue, Bronx.
Since commencing operations in May 2001, the Bank has grown to $5.61 billion in assets, $4.39 billion in deposits, $419.5 million in equity capital and $2.93 billion in other assets under management as of September 30, 2007.
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, 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 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, 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 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.
