SIGNATURE BANK (NY) - SBNY STOCK NEWS

Bunge Limited (NYSE: BG) is set to replace Signature Bank (NASDAQ: SBNY) in the S&P 500 index before market open on March 15, 2023. This change comes after the Federal Deposit Insurance Corporation (FDIC) placed Signature Bank into receivership, rendering it ineligible for the index. The addition of Bunge, a major player in the consumer staples sector, highlights a significant shift in the index's composition. This move may affect investor sentiment towards both companies, particularly in light of Signature Bank's recent challenges.

Signature Bank (NASDAQ:SBNY) announced the availability of proxy materials for its 2023 Annual Meeting of Shareholders, set for April 19, 2023, at 9:00 AM ET in New York. The record date for eligible shareholders is February 28, 2023. Shareholders will receive a proxy statement along with the 2022 Annual Report. Signature Bank, with $110.36 billion in assets and $88.59 billion in deposits as of December 31, 2022, ranks 19th among U.S. banks by deposits as of year-end 2021. The bank operates 40 private client offices and offers various financial services, including equipment financing and investment products.

Signature Bank (SBNY) announced a robust financial status as of March 8, 2023, emphasizing its diversified asset base exceeding $100 billion. The bank maintains a strong liquidity position, with $4.54 billion in cash and $89.17 billion in deposits, marking an increase of $576 million since year-end 2022. Notably, the bank reduced digital asset-related deposits by $1.27 billion. Additionally, Signature Bank has repurchased $55 million of its common stock and increased its dividend by 25% to $2.80 per share annually.

Signature Bank (NASDAQ: SBNY), a full-service commercial bank headquartered in New York, released a mid-quarter financial update for Q1 2023. The update is available on the Bank's investor relations website. As of December 31, 2022, Signature Bank reported $110.36 billion in assets and $88.59 billion in deposits. The Bank ranks 19th on S&P Global's list of the largest U.S. banks based on deposits. Signature Bank is also known for its innovative blockchain-based digital payments platform, Signet™, enabling real-time transactions in U.S. dollars.

Signature Bank (SBNY), a New York-based commercial bank, filed its 2022 Form 10-K on March 1, 2023. The document is accessible on their website. As of December 31, 2022, Signature Bank reported assets totaling $110.36 billion and deposits of $88.59 billion. The bank ranked 19th on S&P Global’s list of largest U.S. banks by deposits as of year-end 2021. With 40 private client offices and subsidiaries offering financial services, the bank continuously focuses on serving privately-owned businesses. The bank emphasizes its pioneering blockchain-based digital payments platform, Signet, approved by the NYS Department of Financial Services for real-time payments.

Signature Bank (NASDAQ: SBNY) announces that Co-founder and CEO Joseph J. DePaolo will transition into a senior advisor role in 2023. Eric R. Howell, previously COO, will step in as President effective March 1, 2023. DePaolo will maintain his CEO position and remain on the Board of Directors until completing his transition. Signature Bank aims to ensure continuity in its distinctive business model, having grown from $50 million in assets at its 2001 inception to over $100 billion today, ranking as one of the largest commercial banks in the U.S.

Signature Bank (NASDAQ: SBNY) announced the affirmation of its credit ratings from Fitch Ratings, Kroll Bond Rating Agency, and Moody’s Investors Services. The ratings reflect the Bank’s financial stability, assessed during reviews conducted between November 2022 and January 2023. Key ratings include a long-term deposit rating of A- from Fitch and A+ from Kroll, as well as a BBB+ long-term issuer rating from Fitch. Signature Bank reported $110.36 billion in assets and $88.59 billion in deposits as of December 31, 2022.

Signature Bank (SBNY) addressed inaccuracies in a Wall Street Journal article dated January 23, 2023, which labeled it a 'crypto lender.' The Bank clarified that it does not lend in the crypto space, hold, or invest in crypto assets, and its relationships with crypto clients are limited to U.S. dollar deposits only. It further emphasized that declining deposits in the digital asset sector are part of a strategic plan to manage these relationships. Additionally, Signature Bank highlighted its long-standing relationship with the Federal Home Loan Bank of New York, focusing on multifamily lending in New York, with a portfolio totaling $19.5 billion as of December 31, 2022.

Signature Bank (Nasdaq: SBNY) reported a strong fourth quarter in 2022, with net income of $300.8 million, or $4.65 diluted earnings per share, up from $272.0 million or $4.34 per share in Q4 2021. Pre-tax, pre-provision earnings increased 16.9% to $450.6 million, driven by rising net interest income of $638.7 million, a 19.2% increase year-over-year. Total deposits decreased by $14.19 billion in Q4, primarily due to planned reductions in digital asset banking deposits. Despite deposit challenges, net income for 2022 reached a record $1.34 billion with a return on common equity of 16.35%. The bank declared a cash dividend increase, reflecting confidence in future growth.