Get the latest news and trends on Long Island companies and the people behind them.
Bank creates new LI specialty finance unit
Signature Bank, a publicly traded company with offices in New York City and on Long Island, says it has hired 30 veteran executives to staff a newly formed subsidiary headquartered in Melville and focused on financing for equipment, transportation and taxi medallions.
Signature Bank will also open a new private banking office in Hauppauge, with a four-person team.
The new Melville-based unit, Signature Financial Llc, will be mostly staffed with executives from All Points Capital, a unit of Capital One, the bank said. All Points, a financing and leasing company, specializes in funding for independent lessors nationwide.
"In total, the bank has added in excess of thirty professionals to Signature Financial to support its anticipated growth," the bank said in a news release last week.
"Furthermore, Signature Bank appointed a new middle market team with long-standing commercial banking roots in Long Island," the bank said. "The four-person team will be based in the soon-to-open Hauppauge private client banking office, which will mark the bank's 26th office."
Its current private client banking offices are in Garden City, Rockville Centre, Melville, Great Neck, Woodmere and Jericho as well as New York City and Westchester County.
With a market capitalization of $2.9 billion and a workforce of more than 700, Signature Bank's shares traded at $62.91 at mid-day Monday, with a 52 week share price range of $44.07 to $65.98.
Read more of Inside Long Island Business