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Royal Bank of Canada's deal for City National showed that buyers will pay up for banks that cater to the wealthy. That's why First Republic, Boston Private and Signature Bank may soon find themselves facing offers they can't refuse.
February 6 -
Signature Bank in New York reported higher third-quarter profits driven by an uptick in commercial and multifamily lending.
October 21 -
Bank of New York Mellon is building out a new investment firm with the mortgage specialist Amherst Holdings. The move is its second major commitment to a fixed income-related fund this year.
March 20
Signature Bank in New York has opened a private banking office in Greenwich, Conn.
Senior Vice President Thomas Mooney will lead a team based in the $27.3 billion-asset company's new office. Mooney had previously been based in Signature's White Plains, N.Y., office. Mooney joined Signature last year after a decade with JPMorgan Chase.
The company also said that Nicholas Melendez, formerly of Wells Fargo, was tapped to lead a team in White Plains.
"This is a further step as we broaden our reach throughout the metro-N.Y. area," Signature Bank Chief Executive Joseph DePaolo said in a press release.
Signature is known for its specialization in private-client banking, with 28 offices already located around New York City and its suburbs. The bank also has a specialty finance subsidiary that provides funding for equipment leasing and the acquisition of taxi cab medallions. Business has boomed recently for Signature, which reported a profit of $81.4 million in the fourth quarter, a 26.5% year-over-year increase. For the whole of 2014 Signature saw nearly $300 million in profits.
