Forbes names Signature country’s fifth-best bank

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.