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Signature Bank Expands Into Nevada With Appointment of Bankers and Opening of Reno Private Client Banking Office
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Rhea-AI Summary
Signature Bank (NASDAQ: SBNY) announced the opening of a new private client banking office in Reno, Nevada, expanding its West Coast operations. This addition brings the total number of teams in California and Nevada to 35, managed by 56 Group Directors across eight offices. The bank appointed Christopher Uboldi as Managing Group Director, supported by Andrew Backstrom as Group Director, both joining from Bank of the West. This expansion illustrates the bank's successful diversification strategy and commitment to improving market presence.
Positive
Expansion into Reno enhances market presence.
Appointment of experienced professionals strengthens leadership.
Increased number of teams and banking professionals supports growth strategy.
Negative
None.
Further Expansion of West Coast Operations Brings Total California and Nevada Banking Teams to 35, Led by 56 Bankers
NEW YORK--(BUSINESS WIRE)--
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today further expansion of its West Coast presence with the appointment of veteran banking professionals and the opening of a new private client banking office in Reno, Nevada.
Signature Bank is now home to 35 teams on the West Coast, led by 56 Group Directors from its eight offices. Also, the Bank’s West Coast footprint includes representation from its subsidiary Signature Financial as well as from all its national banking practices, including the Fund Banking Division, the Venture Banking Group, the Specialized Mortgage Banking Solutions team and the SBA Lending team. Signature Bank is also in the process of elevating operations and to this end, is establishing an operational center in City of Industry, California, to further support its growing businesses in the area and across the country.
To lead its banking efforts in Nevada, Signature Bank named Christopher Uboldi to the post of Managing Group Director and Senior Vice President. In this capacity, Uboldi will direct and manage six private client teams and 25 banking professionals throughout Nevada and the greater Sacramento, Calif. area. Uboldi will be based out of the Bank’s new private client banking office located at 100 West Liberty Street, Suite 190, Reno, Nevada, 89501.
Uboldi, with 20 years of banking experience, joins from Bank of the West, where he served as Regional Group Manager and Senior Vice President, responsible for Nevada and Northern California banking teams spanning Las Vegas, Reno and the greater Sacramento area for 14 years. During his tenure, he oversaw a large portfolio and a 17-person team.
Andrew Backstrom, with a three-decade-long banking career, was named Senior Vice President and Group Director in Reno, where he will focus on increasing the Bank’s local market presence through client expansion. He too joins from Bank of the West, having spent 15 years there as a team leader in business banking for Northern Nevada. Uboldi and Backstrom worked together for 14 years at their former employer.
“Since bringing our model from east to west, we have continued to demonstrate the success of our diversification strategy with our West Coast initiative being a key component of our growth plan. Our broad acceptance throughout both Northern and Southern California by bankers and clients alike, coupled with new significant interest in Nevada, is a real testament to our single-point-of-contact model and the expertise of our private client banking teams. Clients throughout the West Coast are certainly noticing our commitment and capabilities and responding positively,” explained Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.
Judi Prejean, Executive Director, West Coast Operations for Signature Bank, added: “In just three years since putting our official stake in West Coast ground amid a global pandemic, Signature Bank continues to attract seasoned banking professionals and grow its market position. Now, with approximately 240 colleagues extending between California and Nevada, the Bank has fast become the bank of choice for these experienced banking professionals who are bringing their solid reputations and deep local expertise to our enterprise. We look forward to the contributions both Chris and Andrew will make in their new leadership roles.”
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 39 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, Signature Bank reached $116 billion in assets and $104.12 billion in deposits as of June 30, 2022. Signature Bank placed 19th on S&P Global’s list of the largest banks in the U.S., based on deposits as of year-end 2021.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
This press release and oral statements made from time to time by our representatives contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous risks and uncertainties relating to our operations and business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information concerning our expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams’ hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward-looking statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “target,” “goal,” “should,” “will,” “would,” "plan," "estimate," or other similar expressions. Forward-looking and other statements may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters and disclosures), which may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in the forward-looking statements and can change as a result of many possible events or factors, not all of which are known to us or in our control. These factors include but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values and competition, any of which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance, including earnings on interest-bearing assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the whole loan secondary markets, which can materially affect charge-off levels and required credit loss reserve levels; (iv) changes in monetary and fiscal policies of the U.S. Government, including policies of the U.S.Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the banking and other financial services regulatory environment; (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic and the conflict in Ukraine, which are having impacts on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. Although we believe that these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if a change occurs or our beliefs, assumptions and expectations were incorrect, our business, financial condition, liquidity or results of operations may vary materially from those expressed in our forward-looking statements. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made.
Investor Contact:
Brian Wyremski, Senior Vice President and Director of
Investor Relations and Corporate Development
646-822-1479, bwyremski@signatureny.com
What is the significance of Signature Bank's expansion into Reno, Nevada?
The expansion into Reno allows Signature Bank to enhance its market presence on the West Coast, bringing in experienced banking professionals to lead new operations.
Who are the new leadership appointments at Signature Bank?
Signature Bank appointed Christopher Uboldi as Managing Group Director and Andrew Backstrom as Group Director to lead its banking efforts in Nevada.
How many teams does Signature Bank have in California and Nevada?
Signature Bank has a total of 35 teams across California and Nevada.
What strategy is Signature Bank employing with its expansion?
Signature Bank is implementing a diversification strategy focused on expanding its West Coast operations to better serve clients and enhance its market presence.
What is the background of Christopher Uboldi?
Christopher Uboldi has 20 years of banking experience, previously serving as Regional Group Manager and Senior Vice President at Bank of the West.
