Bank Further Demonstrates its Commitment to New
York’s Not-for-Profit Affordable Housing Community
Signature Bank (Nasdaq: SBNY), a New York-based full-service
commercial bank, announced today that it further deepened its
commitment to the community with the awarding of grants totaling
$500,000 to five community-based not-for-profit housing developers
and managers. These grants are part of the Signature Bank Building
Improvement Initiative, designed to provide needed capital to
not-for-profit owner operators to facilitate and expedite
improvements for tenants in their respective buildings. Each
recipient will receive a $100,000 grant to make capital
improvements to affordable housing properties in their
portfolios.
The grant recipients include Banana Kelly Community Improvement
Association (Bronx), Fifth Avenue Committee (Brooklyn), IMPACCT
Brooklyn, Southside United HFDC/Los Sures (Brooklyn) and Clinton
Housing Development Company (Manhattan).
The Bank has allocated $500,000 to offer not-for-profit housing
organizations a Recoverable Grant to finance building-wide or
apartment-unit improvements that will benefit low-to-moderate (LMI)
income tenants. This Recoverable Grant facility has been designed
to offer owners/operators the opportunity to implement improvements
that otherwise might not have been addressed until alternative
resources became available. These funds may be used for a single
project or blended with other funds for a larger project with
multiple funding sources. The funds also may be used for capital
improvements and mechanical/equipment upgrades that will improve
living conditions for tenants. Improvements may be made to
infrastructure and plant facilities or to purchase new appliances,
provided that every tenant benefits.
“This program further demonstrates Signature Bank’s commitment
to the community and to ensuring affordable and quality housing for
New York City tenants. The Bank’s loan portfolio (at year-end 2017)
included $14.4 billion in multifamily loans, of which $11.5 billion
or 79 percent are for properties located in New York City, in
census tracts designated as LMI,” explained Signature Bank
President and Chief Executive Officer Joseph J. DePaolo.
“Through the Signature Bank Building Improvement Initiative, we
are focused on addressing some of the most urgently needed housing
within the local community. As a major lender throughout New York
City, Signature Bank recognizes its responsibility to tenants and
the communities in which it lends and through our community
development efforts, has emerged a positive force in the community.
In 2017 alone, the Bank provided financing for 1,284 units of
supported housing (housing for the formerly homeless and 100
percent Section 8 Voucher recipients). These grants are indicative
of our continued dedication to all the communities we serve
throughout the metro-New York area,” DePaolo concluded.
Joe Restuccia, executive director of the Clinton Housing
Development Company (CHDC), said of the grant: “While development
is driving up rents in Hell's Kitchen, CHDC is preserving 134 units
of affordable housing at four locations in our neighborhood. CHDC
appreciates Signature Bank being part of that critical effort.”
Banana Kelly Community Improvement Association, Inc.'s President
Harold DeRienzo also commented on being awarded the grant: "In New
York City, Signature Bank is quickly becoming a leader in
responsible multi-family lending and in promoting the preservation
and improvement of affordable housing. Our organization, Banana
Kelly Community Improvement Association, Inc., is celebrating our
40th Anniversary this year, and our focus has been and still
remains affordable rental housing. However, many of our properties
are in need of critical repairs, and this recoverable grant from
Signature Bank will allow us to do major façade work at our 58-unit
building located at 1244 Westchester Avenue in the Bronx. This
building is in a borough that is quickly gentrifying; one where
average rents went up in the past year by 28% and now is at $2,000
or above per month. We thank Signature Bank for their support and
leadership, which helps ensure our organization can continue
providing affordable housing for our area’s most vulnerable, yet
hard working, Bronx residents."
Juan Ramos, Executive Director at Southside United HDFC - Los
Sures®, said: “We at Los Sures are committed to creating and
preserving affordable housing and preventing displacement for our
community in North Brooklyn. With a portfolio of 36 buildings – and
growing – spanning from Northside Williamsburg to the Southside and
Bushwick, we are constantly working to maintain and improve the
quality housing we provide. We are grateful for partners like
Signature Bank, who understand our organization’s ongoing capital
demands, and recognize that investing in the community helps keep
them accountable to it. This generous grant will enable us to
complete two important weatherization and boiler replacement
projects for Los Sures, positively impacting over 100
residents.”
Executive Director Michelle de la Uz at Fifth Avenue Committee,
Inc. (FAC), commented: “Fifth Avenue Committee greatly appreciates
being selected to receive a $100,000 recoverable grant from
Signature Bank to support the FAC Renaissance project. Through this
project, these funds are helping FAC to preserve deeply affordable
housing for low- and moderate-income New Yorkers in Brooklyn
neighborhoods that have experienced significant gentrification and
displacement pressures in recent years. We are very grateful.”
Bernell K. Grier, Executive Director at IMPACCT Brooklyn,
stated: “We are thankful that Signature Bank has recognized that
recoverable grants are essential to our work by providing the
much-needed capital to supply the upfront support for the
preservation of our affordable housing stock. Signature Bank’s
award will allow IMPACCT Brooklyn to preserve 136 units of
affordable housing across 23 buildings in Brooklyn as a member of
the Joint Ownership Entity (JOE). The JOE is an innovative
partnership of local nonprofit organizations with the mission is to
secure the long-term viability of non-profit run affordable housing
and to make members more competitive in securing new affordable
housing development opportunities.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service
commercial bank with 30 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’s 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
$45.22 billion in assets, $34.15 billion in loans, $34.99 billion
in deposits, $4.15 billion in equity capital and $3.49 billion in
other assets under management as of June 30, 2018. Signature Bank's
Tier 1 and risk-based capital ratios are significantly above the
levels required to be considered well capitalized.
Signature Bank, with more than $44 billion in assets, is ranked
the 40th largest bank in the U.S. from nearly 6,000, based on
deposits (SNL Financial). The Bank recently earned several
third-party recognitions, including: appeared on Forbes' Best Banks
in America list for the eighth consecutive year in 2018; named Best
Private Bank and Best Attorney Escrow Services provider and among
the top three Best Business Banks for the eighth consecutive year
by the New York Law Journal in the publication’s annual Best of
Reader survey; and, cited in the top three of the nation's best
private banking services providers in the 2017 Best of The National
Law Journal reader rankings.
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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Signature BankInvestor
Contact:Eric R. Howell, 646-822-1402Executive Vice President
– Corporate & Business
Developmentehowell@signatureny.comorMedia
Contact:Susan J. Lewis,
646-822-1825slewis@signatureny.com
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