ROSEMONT, Ill., Aug. 4, 2021 /PRNewswire-PRWeb/ -- Signature Bank, Chicago's fastest growing, independently owned business bank, today announced it is celebrating its 15th anniversary and a series of strategic milestones in 2021, including key personnel additions, expansion efforts, and industry recognition. Signature Bank announces all of this after a year of aggressive efforts to participate in government backed programs funded by the CARES Act and secure financial support for its business customers in the wake of COVID-19 economic challenges. Key 2021 announcements and successes for the bank include:
- 15 years of relationship-based commercial banking leadership: In 2006, founders Mick O'Rourke, Kevin Bastuga, and Bryan Duncan set out to create the business banking experience they felt their customers were lacking due to ongoing industry consolidation. That consolidation led to many privately owned, middle market businesses losing the personal contacts and local decision-making on which they depended. Signature Bank filled that void by building on decades of personal relationships with its clients, and in executing this business plan, has expanded its balance sheet to over $1 billion of assets.
- 100% Paycheck Protection Program (PPP) participation for eligible and interested Signature Bank clients: Navigating the PPP program over the last 15 months was a challenge for many businesses and financial institutions, but Signature Bank's team worked diligently with the SBA to inform customers of newly issued information to efficiently produce the best possible outcomes for their customers. Signature Bank was able to procure support from the PPP for 100% of our qualified customers.
- Continued, steady revenue growth: Despite the economic challenges over the last year, Signature Bank was able to identify and focus on critical areas for maintaining revenue and supporting its customer base. Through its diligent efforts to stay afront of programs such as the PPP and the Main Street Lending Program, Signature was able to combine use of these new programs along with its own innovative credit and treasury management products to create platforms for its customers to survive and thrive. As news spread of the bank's success in doing so in the local market, Signature Bank was able to onboard hundreds of new clients, providing opportunity for profitable growth with new relationships.
- Strategic expansion and hires to develop the Wisconsin market: In addition to continuing the bank's focus on growth in the greater Chicagoland area, Signature Bank has its sights set on establishing and expanding its presence in Wisconsin, specifically in Milwaukee and southeast Wisconsin. New hires, Danny Fromstein, Senior Vice President, and Penny Foust, First Vice President both hail from the Milwaukee area and will be focused on building new relationships. Fromstein will focus on originating new commercial loan and deposit relationships with middle market businesses in the Milwaukee area while Foust joins the Treasury Management team to assist in business development and product implementation.
- Industry awards and recognition: Signature Bank has accumulated an impressive list of awards and recognitions as a great workplace and for its fast growth. Specifically, Signature Bank has been consistently listed on the ABA's Best Banks to Work For, the Inc. 5000, Crain's Chicago Business' list of Chicago's Largest Banks, as well as Chicago's Best and Brightest.
"Signature Bank has achieved exactly what Bryan and Kevin and I envisioned 15 years ago. Our singular focus is to provide our customers a superior, relationship-based banking experience with all of the products and services they have come to expect from larger, national banks," said Mick O'Rourke, CEO and President of Signature Bank. "We continue to express our gratitude to the amazing team at Signature Bank, our investors, and our fantastic customers, who we are proud to call partners and friends."
For additional information about Signature Bank and its full-service, commercial bank offerings for privately owned businesses and their owners, visit http://www.signaturebank.bank or call 773-467-5600.
About Signature Bank
Signature Bank is an award-winning, relationship-based commercial bank wholly owned by Signature Bancorporation, Inc., a privately funded, locally owned bank holding company founded in 2006. Headquartered in Rosemont, IL, Signature Bank provides accessible, strategic, and highly individualized commercial banking services to closely held companies, as well as full-service retail banking capabilities. Technology driven and well-capitalized, Signature Bank is currently the fastest growing, independently owned business bank in the Chicagoland area. Visit Signature Bank online at http://www.signaturebank.bank.
Media Contact
Ronda Duncan, Signature Bank, 8472549782, [email protected]
SOURCE Signature Bank
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