Signature Bank (SBNY) in New York has created a pair of nationwide lending offices, focusing on restaurant franchises and the commercial marine industry.
The $23 billion-asset company said in a press release Thursday that its franchise business will target "fast-casual and family-oriented" restaurant chains. John Black, who had previously been at BankUnited (BKU), will lead the Texas-based division.
Signature's marine unit will specialize in lending for commercial vessels, including supply ships and tug boats. Richard Paine, who had been at TCF Financial (TCB) unit TCF Equipment Finance, will lead sales for the New York division.
"During the past several years, we have demonstrated and carefully pursued our interest in entering into complementary business lines," Joseph DePaolo, Signature's president and chief executive, said in the release. "Our entrance into the specialty finance arenas for both the franchise and marine markets is another example of this strategy."
Signature has 27 branches.