Signature Bank was the fifth-highest rated bank in the U.S. according to Forbes 2011 “America”™s Best and Worst Banks” rankings, released on Dec. 13.
With $13.86 billion in assets and $11.19 billion in deposits, Signature Bank, based in New York City, moved up from number nine in Forbes 2010 rankings.
“We”™re very excited,” Signature Bank President and CEO Joseph J. DePaolo said, praising the bank”™s entire staff for the achievement. “All 750 employees should be proud because they”™re all participating in putting the institution among the top five in the country.”
As mid-sized banks such as Signature compete with the bigger banks for clients, DePaolo said the recognition will only help boost the bank”™s credibility with potential investors and clients.
“We have clients who are putting significant dollars in our institutions, so we want to make sure they feel comfortable,” he said. “Things like this help us grow even further, so we”™re thrilled.”
During the third quarter of 2011, the most recent quarter for which financial information is available, Signature Bank posted earnings of $38.35 million, a 40 percent increase from third quarter 2010 earnings.
