NEW YORK … April 22, 2016 … Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today that President and Chief Executive Officer Joseph J. DePaolo was named a recipient of the Legacy Award from his alma mater, Iona College, in New Rochelle, N.Y.
The Legacy Award is bestowed upon individuals in recognition of their lifetime achievement since graduating from Iona College.
DePaolo accepted the honor at the College’s annual awards gala reception, held on Friday, April 15, 2016 at the Waldorf Astoria hotel in New York City. There were more than 700 in attendance.
DePaolo (‘77-‘81) attended Iona College on a full scholarship. During his acceptance speech, DePaolo reflected on how access to education changed his life, and he emphasized the importance of ensuring education for those that want it, whether it is vocational or completed at a college or university. He also discussed the importance of relationships, since it was the relationship between two administrators who collaborated to recognize DePaolo’s achievements that allowed him to earn his scholarship initially. Ironically, today, relationships are at the center of Signature Bank’s business model. The Bank’s approach and success is solely based on its relationship-based banking philosophy.
Among the other honorees of the event, which this year raised a record $1.5+ million, were Patrick Quinn (’06), who was the recipient of the Blessed Edmund Rice Humanitarian Award. Quinn, ALS advocate and co-founder of the ALS Bucket Challenge, is currently battling ALS. In his poignant speech, Quinn, diagnosed just when he turned 30, talked about the influences of Iona on his life and that he was fortunate to meet his wife there. He inspired attendees as he encouraged them not to give up despite challenges that arise, and to live in the moment because one never knows what’s around the corner.
Additionally, the McCabe family, with 11 Iona degrees spanning the years since 1949, was also honored as a Legacy Award recipient. A long-time McCabe family friend spoke about the family, reflecting on the various generations of graduates. Several McCabe family members are part of Iona College’s leadership today while the tradition continues with yet another generation of graduates in the wings.
A highlight of the evening was the announcement by Charles W. Schoenherr (’82), who serves on the Real Estate and Investment Committees for the Board of Trustees of Iona College, that Signature Bank co-founder and Chairman of the Board Scott A. Shay had established “The Joseph J. DePaolo ’81 Endowed Leadership Award.” This is for a scholarship to be awarded each year in perpetuity to a junior or senior student athlete, who embodies high-achieving academics while leading with ethical values and a moral compass, characteristics that have enabled DePaolo to be successful in both business and life. Shay wanted to acknowledge other like-minded, deserving Iona College student athletes so they too could have a chance to follow in similar footsteps.
“It was truly an honor to be recognized by my college. The years I spent there were transformational, and when I was a senior in high school, I wasn’t even sure I would be able to attend college. The mission of supporting education is near and dear to my heart, and I do believe those interested in obtaining a college education, should be able to do so. It is certain Iona College will continue to ensure scholarships, having raised a record-breaking amount this year in its quest to do so. I am grateful to all those who donated to the important cause of education on both my and Iona College’s behalf.
“I also want to thank my co-founder, Scott Shay, who not only values the important cause of education but who also is very giving of himself through many philanthropic efforts. He truly has served as my philanthropic mentor for nearly two decades. I am gratified by his act of establishing a scholarship fund in my name, and couldn’t be more proud of the friend and business partner I have in Scott,” DePaolo remarked.
“Lastly, I want to add that the commentary by Pat Quinn was truly moving. As I said that night, anything I have done – or will do — personally or professionally in my life, pales in comparison to the ways Pat is raising awareness of and finding a cure for ALS. His speech was truly inspirational, and touched every single member of the audience that night,” DePaolo concluded.
DePaolo was surrounded by dozens of supporters, including family members, friends (many with whom DePaolo attended Iona College and they are all still friends today), colleagues, including Signature Bank’s other co-founder, John Tamberlane, Board members and business partners.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 29 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 and services.
Since commencing operations in May 2001, the Bank has grown to $34.90 billion in assets, $25.04 billion in loans, $28.11 billion in deposits, $3.37 billion in equity capital and $5.20 billion in other assets under management as of March 31, 2016. Signature Bank’s Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.
Signature Bank ranked sixth on Forbes’ Best and Worst Banks in America 2016 list and third on leading trade journal Bank Director’s 2015 Bank Performance Scorecard for banks with assets between $5 and $50 billion.
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.
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