NEW YORK–(BUSINESS WIRE)–Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced new appointments to its Board of Directors. The diverse board remains composed of nine members, six of whom are independent directors.
Effective March 31, 2022, Jalak Jobanputra joined the Board, replacing Kathryn (Katie) A. Byrne, who resigned in accordance with term limits adopted in 2018 as part of the corporate governance initiatives and renewal of the Bank’s Board. Byrne served on the board from 2005 to 2022 and was the longest-serving independent director.
Jobanputra brings nearly two decades of investment experience in fintech and technology start-ups. She is currently the Managing Partner of FuturePerfect Ventures (FPV), which she founded in 2014. FPV is an early-stage venture capital fund investing in decentralized technology focused on crypto-assets, blockchain technology and building from Web3. Prior to FPV, Jobanputra was Director of Emerging Markets Mobile Investments at Omidyar Network, a philanthropic fund launched by Pierre Omidyar, co-founder of eBay. Previously, she worked at Intel Capital investing in enterprise software in Silicon Valley. Other positions have been held at New Venture Partners and the NYC Investment Fund, where she formed one of New York’s first seed funds and helped establish the Fintech Innovation Lab in 2010. She began her career as a media/tech/telecom investment banker in New York. and London. Jobanputra received the Institutional Investor’s Most Powerful Fintech Traders Award from 2016 to 2018. She received the Microsoft VC Trailblazer Award 2018. In 2017, Jobanputra was named among the top five investors fueling the blockchain boom by crunchy base, which cited FPV as one of the top blockchain venture capital funds at a time when the industry was still in its infancy. She graduated magna cum laude from The Wharton School at the University of Pennsylvania, where she received a Bachelor of Science in Economics (Finance Concentration). She also holds a Bachelor of Arts in Communication from the Annenberg School for Communication at the University of Pennsylvania. She received her Masters in Business Administration from the Kellogg School of Management.
Effective April 2, 2022, Michael V. Papgallo joins the board. Pappagallo previously served a three-year term, from April 2013 to April 2016. Pappagallo replaces George J. Tsunis, founder, president and CEO of Chartwell Hotels. Tsunis resigned from the board on April 2, 2022 to assume the role of United States Ambassador to Greece. He served one year of his three-year term, from 2021 to 2022.
Pappagallo’s experience spans over 40 years of financial and operational management experience, primarily in the commercial and financial real estate industries. He is currently President of Aspen Realty Advisors LLC, a real estate advisory firm he founded in 2016, which provides expertise in strategy, capital structure, financing and infrastructure as well as direct transaction support. He is also the former Chairman and Chief Financial Officer of Brixmor Property Group, a shopping center focused real estate investment trust with an extensive portfolio of outdoor shopping centres. He spent 16 years with Kimco Realty Corporation as Chief Financial Officer and Chief Operating Officer. Pappagallo also served as Chief Financial Officer of GE Capital’s Commercial Real Estate business and held various other financial and business development positions for its lending and leasing business. Previously, he held the position of Chartered Accountant and senior executive with the audit firm of KPMG. Pappagallo is a graduate of Iona College in New Rochelle, NY, where he earned a bachelor’s degree in business administration.
“These changes represent an exciting time for Signature Bank as we enter our 21st year of operation. I take this opportunity to thank Katie for her 17 years of service to our institution. Her role as a director as well as her position on various committees – compensation, review and risk – have proven invaluable to our growth and market position over the years. I would also like to thank George for his commitment to the Bank. He has been a valued member, serving on both the compensation and credit committees,” said Scott A. Shay, chairman of the board.
“At the same time, we welcome Jalak and Mike. Jalak brings deep expertise in digital finance as one of the first investors to identify digital and cryptocurrency ecosystems while recognizing their revolutionary relevance and influence on the financial services industry. Jalak’s advice will be beneficial as we further strengthen our role as pioneers and leaders in the digital asset and blockchain space. Mike’s extensive experience in commercial real estate and finance has served our board well during his previous tenure, and we are confident that his knowledge will continue to bode well for our trajectory. future growth. On behalf of the entire Signature Bank Board of Directors, we thank Katie and George for their service and wisdom and recognize the significant contributions they have made to this institution. We all look forward to the positive impact that Jalak and Mike will have on the Bank in their new board roles,” Shay concluded.
About Signature Bank
Signature Bank (Nasdaq: SBNY), Member FDIC, is a New York-based full-service commercial bank with 38 private client offices throughout the New York metropolitan area, as well as Connecticut, California and North Carolina. With its single-point-of-contact approach, the Bank’s retail banking teams primarily serve the needs of private businesses, their owners and senior executives.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC provides equipment financing and leasing; and Signature Securities Group Corporation, a licensed broker-dealer, investment advisor and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.
Since beginning operations in May 2001, Signature Bank has grown to $118.45 billion in assets as of December 31, 2021. With $106.13 billion in deposits as of the end of 2021, Signature Bank has placed 19and on S&P Global list of largest banks in the United States, based on deposits.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payment platform. Bookmark™ enables business customers to make real-time payments in US dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
For more information, please visit https://www.signatureny.com.
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 these statements because they are subject to numerous risks and uncertainties relating to our operations and our business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information regarding our expectations regarding future results, interest rate and interest rate environment, loan and deposit growth, loan performance, operations, new client teams private and other hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the above and on our business generally. 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. When considering 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 may change due to many possible events or factors, all of which are not known to us or within 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, which may materially affect origination levels and earnings on sales results in our business, as well as other aspects of our financial performance, including earnings on assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the general secondary loan markets, which may materially affect charge-off levels and required credit loss reserve levels; (iv) changes in the monetary and fiscal policies of the United States government, including the policies of the United States Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the regulatory environment for banking and other financial services, (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, which is having an unprecedented impact 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 these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if anything changes or our beliefs, assumptions and expectations are incorrect, our business, financial condition, liquidity or results of operations could differ materially from those expressed in our forward-looking statements. You should keep in mind that any forward-looking statement made by Signature Bank speaks only as of the date on which it was made. New risks and uncertainties arise from time to time, and we cannot predict these events or their impact on the Bank. Signature Bank is under no obligation and does not intend to update or revise any forward-looking statements after the date on which they are made.