Signature Financial L.L.C., a specialty finance subsidiary of Signature Bank, announced it will begin offering direct finance services for the commercial marine and franchise industries.
Signature Financial hopes to provide financing to franchise operators across a variety of national and regional restaurant concepts and chains, while its commercial marine unit will specialize in the financing of commercial vessels, including supply ships, tug boats, barges and commercial passenger transport vessels.
“Our entrance into the specialty finance arenas for both the franchise and marine markets ”¦ represents our commitment to seize relevant opportunities to provide clients a comprehensive portfolio of products and services,” said Joseph J. DePaolo, president and CEO of Signature Bank, in a statement. “These initiatives will further strengthen Signature Bank”™s already strong balance sheet through the diversification of our lending businesses.”
John R. Black will take on the role of national franchise finance manager. He will be responsible for loan origination, strategy and direction of Signature’s franchise finance business.
Richard J. Paine Sr. was appointed national marine sales manager. He will lead Signature Financial”™s commercial marine business development efforts and help form the new unit”™s strategic direction.
“Since identifying significant opportunities within both the franchise and marine sectors, we are pleased to have attracted talented professionals … to lead Signature Financial”™s expansion in these two specialty areas,” said Walter Rabin, president and CEO at Signature Financial, a statement.
Signature Bank has two private client branches in Westchester County, in New Rochelle and White Plains.
