Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today several management appointments, promotions and transitions, all of which will address its progress to date and future growth and initiatives.
After 21 years of dedicated service, Mark Sigona, Senior Executive Vice President and Chief Operating Officer, announced his retirement, effective June 30, 2021. Sigona, a founding member of the executive management team, joined as Senior Vice President and Chief Financial Officer. He served in this capacity until 2004 at which time he was appointed COO.
Sigona commented on his long-standing tenure at the Bank: “It has been both an honor and a blessing to be part of the Signature Bank family from the very beginning. No words can express my gratitude to Joe, Scott and John, along with the appreciation I will always have for the hard work and dedication of my many colleagues over the course of more than 20 years.”
Eric R. Howell, Senior Executive Vice President-Corporate and Business Development since 2013, will assume the COO role, including his current duties overseeing certain of the Bank’s national businesses and West Coast operations. Howell has been with Signature Bank since its inception, during which time he held roles of increasing responsibility, including Executive Vice President and Chief Financial Officer, after initially joining as Controller.
Peter Quinlan, Executive Vice President and Treasurer, also announced his retirement, effective June 30, 2021. In this capacity, Quinlan managed the Bank’s investment portfolio, interest rate risk and liquidity management functions since 2003. He joined the Bank in 2002 as Investment Manager.
Quinlan added: “Being part of the Signature Bank team for the past two decades has been a privilege. I truly value the guidance provided by Joe, John, Scott and the support from the entire Signature Bank family. The unique business model emphasizing relationship dedication and entrepreneurial spirit will continue to provide the foundation for Signature Bank’s future growth and success.”
Kevin Hickey, Senior Vice President and Chief Risk Officer for the past five years, will return to the Treasury Department as Senior Vice President-Chief Investment Officer and Treasurer. Hickey, a Bank colleague since 2004, began his tenure as Associate Treasurer and assumed the additional title of Senior Vice President several years later. In total, he spent 12 years in the Bank’s Treasury Department.
Keisha Hutchinson has been named Senior Vice President and Chief Risk Officer, effective June 1, 2021, joining Signature Bank from KPMG in Short Hills, N.J., where she was audit partner for five years. Her extensive background and experience within the financial services industry made her an opportune candidate for this position. Hutchinson will oversee the Bank’s risk management, compliance and information security programs.
Executive Vice President and Chief Financial Officer Vito Susca will move into the newly created post of EVP and Chief Administrative Officer, and assume various operational responsibilities, including overseeing risk and compliance, facilities, security and special projects as well as serving as a liaison for internal audit and regulators. He was SVP and CFO from 2013-2021, after serving as SVP and Controller since he began his employment with the Bank in 2004.
Stephen Wyremski, Senior Vice President and Controller since joining the Bank in 2015, will be promoted to Senior Vice President and Chief Financial Officer, managing all financial-related activities, effective June 30, 2021. Prior, he spent eight years at KPMG in New York City. His latest position was Senior Manager in the banking audit practice, overseeing audits for large banking enterprises. Other finance-focused roles Wyremski held include those at American International Group, Inc. (AIG) and Veeco Instruments.
Catherine Donald-Grove, Senior Vice President and Director of Product Management Services, was promoted to Chief Products Officer, also a newly established position for the Bank. Donald-Grove will be responsible for furthering product capabilities as well as advancing sales efforts and fee income initiatives, including cash management, foreign exchange, credit cards and money market funds. Donald-Grove has been part of the Signature Bank team since 2010.
Dawn Juliano was named to the newly created position of Senior Vice President and Deputy Chief Lending Officer, reporting to Executive Vice President and Chief Lending Officer Thomas Kasulka. In her new capacity, Juliano will be responsible for working closely with Kasulka to increase the Bank’s lending activities. Juliano has been with Signature Bank for four years, and was promoted to the post of Senior Vice President and Director of Credit Policy and Credit Administration in 2018.
“As we enter our 21st year of operation, we reflect on the great successes we have realized to date as well as the roles our dedicated colleagues play in delivering exceptional care and service to our clients. The colleagues recognized by these changes have all demonstrated a strong commitment to our clients, their positions and this organization overall. We appreciate their hard work and loyalty,” stated Joseph J. DePaolo, President and Chief Executive Officer.
“Mark and Peter have been with the Bank since the beginning, and both helped shape this institution as we continually grew. I will miss them both, professionally and personally. I’ve worked with Peter for 19 years and Mark for 35 spanning the three jobs I’ve held throughout my adult career. Their contributions over the years have been significant to our growth, endeavors and market position. Management and the Board appreciates all Mark and Peter have done to positively impact the Bank. Although not easily replaceable, we looked within our own network to pull from the extraordinary talent of our workforce. We also value talented prospects outside the organization, and to this end, welcome Keisha to the Signature Bank family. With more than 1,700 talented colleagues, we have a solid team to draw upon as we look ahead to further strengthening our institution,” DePaolo said.
Scott A. Shay, Chairman of the Board, added: “I have been privileged to work with Mark Sigona since 2000 and Peter Quinlan since 2002. Mark’s excellent judgment and keen perspicacity, along with the positive energy he generated for all those around him, is a rare combination for one person to possess. Although I know Mark’s guidance and advice are always available to us, I will greatly miss seeing and working with him every day. Peter and I have faced a variety of yield curve and financial upheavals together and even when the financial markets were convulsing, Peter found safe and sound strategies so that the Bank could always provide our depositors with the ‘sleep at night’ safety that we pledged to maintain. In an era during which Wall Street became increasingly algorithmic and quantitatively sophisticated, Peter always brought the smarts and instincts to maintain Signature Bank in good stead. As we announce these promotions, we are proud this team is steeped in our unique culture. Joe, John Tamberlane and I are confident that the enlarged team we announce today is fully capable of keeping us on our growth trajectory and will lead the Bank from strength to strength.”
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 37 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. 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 $85.4 billion in assets as of March 31, 2021. With $74.0 billion in deposits at first quarter-end 2021, Signature Bank placed 22nd on S&P Global’s list of the largest banks in the U.S., based on deposits.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows 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 NYS 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 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, our business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. These 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, which is having an unprecedented impact on all aspects of our operations, the financial services industry and the economy as a whole. 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.