Signature Bank Q1/18 Earnings Hurt by Taxi Medallion Losses

Signature Bank ‘s Q1/18 net income of $34.5 million was down from $133.9 million for the same quarter a year earlier. The bank reported the decrease was due to write-downs for the tax medallion portfolio.

Petitti & Knight to Launch Signature West Coast Office

Signature Bank appointed veteran California-based banking executives Joe Petitti and John Knight to lead its new West Coast operations.

Heartland Completes Acquisition of Signature

Heartland Financial completed its acquisition of Minnetonka, MN-based Signature Bancshares, with the latter’s wholly owned subsidiary Signature Bank merging immediately into Heartland’s subsidiary Minnesota Bank & Trust.

Signature Bank Back on Track after Taxi Medallion Episode

New York-based Signature Bank reported Q3/17 net income was $124.5 million versus $76.1 million in the same 2016 quarter, which included $61.7 million of provision expense for the Chicago taxi medallion portfolio.

Signature Bank Q2 Earnings Suffer On Taxi Medallion Loan Losses

Ride hailing services like Uber and Lyft have put a dent in the taxi medallion business. Cartoonist Jerry Gonzalez illustrates Signature Bank’s uphill struggle to deal with those loan losses.

Signature Bank Q2 Earnings Suffer on Taxi Medallion Loan Losses

Signature Bank reported Q2/17 net income was $14.0 million compared to $102.2 million in Q2/16. The bank noted the decline resulted from an increase of $154.3 million in loan losses nearly all attributable to the NYC taxi medallion portfolio.

Signature Reports Record Q1 Earnings; Notes Taxi Medallion Loans

Signature Bank reported Q1/17 earnings were a record $133.9 million up 28.7% from $104.0 in Q1/16. The bank noted a significant increase in non-accrual loans attributed primarily to taxi medallion loans.

Signature Bank Adds New Team from Sterling

Signature Bank appointed a four-person private client team in White Plains, NY. Each of the members joins from Sterling Bank, where they held roles relating to commercial banking, finance and private banking.

Signature Bank Adds Duxbury to Lending Team as SVP

Signature Bank hired former American Chartered Bank and MB Financial veteran David Duxbury as senior vice president of its commercial lending team.

WFCF, Signature, Crystal Double Size of Gibraltar’s Borrowing Capacity

Gibraltar Business Capital and Gibraltar Capital Advance closed a new $101 million facility that increased their borrowing capital with Wells Fargo Capital Finance, Signature Bank and Crystal Financial.