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• W757673181 abstract "Joe DePaolo hates customers--not the people, of course, but the term customer. I can't stand it when someone refers to a 'customer'. says the president and CEO of New York City's Signature Bank. A customer is somebody who goes to the grocery store. We have clients--someone have a deep relationship with. You never hear a lawyer refer to a 'customer'. He points out that the private, middle-market businesses on which the bank focuses have more of a relationship on a daily basis with their banker than with their lawyer, accountant, or doctor. Signature Bank is a New York City player with big ideas about what a bank should be, and a compensation approach that makes them work. [ILLUSTRATION OMITTED] Calling a $6.9 billion-assets bank small is relative. Compared to JPMorgan Chase, Citibank, Bank of America, Capital One, HSBC, and other mega-banks stalking the canyons of Manhattan and its suburbs, Signature Bank is a blip. only reason it might get on their radar is when it lifts out a team of veteran bankers--which it has been doing regularly for seven and a half years. Hiring people from the big guys is a standard operating procedure for and midsize banks, but in Signature's case, the practice is combined with an unusual operating philosophy that far has propelled its growth from $50 million in assets to nearly $7 billion since 2001, without an acquisition. It also allowed the bank to go public three years after opening, and to take out its initial capital partner, Bank Hapoalim, in four years. This September, the bank raised $140 million in an oversubscribed secondary offering, bringing its Tier 1 capital to 9.64%. (The bank applied for $120 million under the TARP Capital Purchase Program, which, if approved, would bring its Tier 1 capital to a pro forma 11.49%.) Maintaining high levels of capital, says DePaolo, is the only way a $6.9 billion bank can compete for deposits against the too-big-to-fail banks, all of which it competes against. Signature focuses on privately owned businesses. It provides every client a single point of contact at one of its dozens of private client groups. It concentrates more on deposits than loans, and it puts everyone on incentive compensation balanced to pay for sustainable business and client support. bank's growth comes from the business brought in by the teams of bankers it hires away from the big banks, and from the new business that these teams develop. It does not advertise. bank is the brainchild of DePaolo, a 49-year-old former CPA, and two colleagues, Scott Shay, chairman, and John Tamberlane, vice-chairman. DePaolo and Tamberlane formerly worked for the old Republic Bank of New York, where parts of the strategy described above were used. But when Republic was acquired by HSBC Bank, the two joined with Shay, a client, and set out on their own. Attracting the There have a been a raft of mergers in the New York market in the last decade in which middle market banks were swallowed by larger institutions. What typically happens, says DePaolo, is that the big banks take private business clients and homogenizes them, often moving them into the retail group. Now, all of a sudden, if have a question, says DePaolo, referring to clients, you can't call the banker that you've worked with for years, have to call an 800 number. Further, big banks have division execs through which everything now has to funnel. They have to show their worth, says DePaolo, so they have weekly meetings and try to tell people who've been in the business for 40 years how to develop business. These veterans are the people Signature seeks out--usually by word-of-mouth. The typical person we hire has been in banking a long time, says DePaolo. They are fiercely loyal to their clients and to the institution they work for--except that the institution is gone. …" @default.
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• W757673181 date "2008-12-01" @default.
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• W757673181 title "The Bank That Hates Customers: Signature Bank, Thrives in a Too-Big-to-Fail Market by Giving Veteran Bankers Breathing Room and a Chance to Stick Around" @default.
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