-
Signature Bank in New York is poised to start lending to city governments. The move is well-timed; the wind-down of GE Capital removes a competitor and provides Signature with a chance to buy assets and hire salespeople.
April 27 -
Worth Carter is reluctant to talk to investors and media. He is tight-fisted with costs and is willing to hold off making loans. His namesake bank doesn't offer online banking. But the institution is riding a hot streak of profitability that would make other banks jealous.
June 12 -
Wells Fargo has hired two executives to expand its lending for manufactured housing, following the San Francisco company's purchase of a multibillion-dollar loan portfolio from GE Capital.
June 23
Signature Bank in New York has formed a subsidiary to specialize in municipal finance and hired three executives for the division.
Signature Public Funding will provide tax-exempt lending and leasing products to government bodies throughout the U.S., including state and local governments, school districts and fire and police departments. The division is located in Towson, Md.
The $28.6 billion-asset Signature Bank sees an opportunity to provide financing equipment purchases for critical services and for infrastructure-enhancing projects, said Signature Chief Executive Joseph DePaolo.
DePaolo
"Hopefully we'll be able to buy some assets from them, and hopefully we'll be able to hire some quality people," DePaolo said.
Signature has hired Donald Keough to oversee the muni-finance unit's daily operations as senior managing director. Keough previously worked for Womble Carlyle Sandridge & Rice as a public-finance attorney and for SunTrust Equipment Finance & Leasing. Signature also hired Richard Cumbers from BankUnited's Bridge Capital Leasing as senior managing underwriter; and it hired Tonia Lee from Grant Capital Management as senior documentation officer.
