New York City-based Signature Bank announced the election of former U.S. Rep. Barney Frank to its board of directors to succeed the late Alfred B. DelBello, who served on the board since January 2003.
“We sadly mourn the passing of our fellow board member and dedicated colleague, Al DelBello, whose vision, guidance and experience continually contributed to the leading reputation for which Signature Bank is now known,” Scott A. Shay, chairman of the board, said in a statement. “Al was always available to us, providing thoughtful counsel and insight whenever necessary.”
In honor of DelBello, the bank will dedicate the boardroom at its midtown Manhattan headquarters as The Alfred B. DelBello Board Room.
DelBello was a partner in the White Plains-based law firm DelBello Donnellan Weingarten Wise & Wiederkehr LLP and held several public service roles, including lieutenant governor of New York from 1983 to 1985, Westchester county executive from 1974 to 1982 and mayor of Yonkers from 1970 to 1974.
Frank joins Signature Bank after serving as a U.S. congressman representing the 4th District of Massachusetts from 1981 to 2013 and also as chairman of the House Financial Services Committee from 2007 to 2011.
In that role, he participated in crafting the short-term $550 billion rescue plan in response to the nation”™s financial crisis. Later, Frank co-sponsored the Dodd-Frank Wall Street Reform and Consumer Protection Act, a set of financial regulations aimed at preventing the recurrence of the crisis, which was signed into law in July 2010.
“With a 32-year career devoted to government and his distinguished expertise in financial services, we believe Barney will be an asset to the board, bringing keen insights, far-reaching industry knowledge and vast intellect to his role as well as to our institution and the bank”™s shareholders,” Shay said.
Signature Bank is a full-service commercial bank with 29 private client offices throughout the New York metropolitan area, including the five boroughs, Westchester, Long Island and Connecticut.
Since commencing operations in 2001, the bank has grown to $28.6 billion in assets, $24 billion in deposits, $2.6 billion in equity capital and $3.6 billion in other assets under management as of March 31.
