Bank Also Engages in Initiatives to Measure and
Report Scope 1 and Scope 2 Greenhouse Gas (GHG) Emissions
Signature Bank (Nasdaq: SBNY), a New York-based, full-service
national commercial bank, announced today that effective August
2022, it became an official supporter of the Task Force on
Climate-Related Financial Disclosures (TCFD). Established in 2015
by the Financial Stability Board, The TCFD has developed a
framework to help public companies and other organizations disclose
climate-related risks and opportunities.
By joining the roughly 3,400 TCFD supporters, Signature Bank is
demonstrating greater transparency through climate risk
disclosures. Ultimately, this will allow stakeholders to better
assess the impact of risks associated with climate change in
comparison to Signature Bank’s business model.
Following the publication of Signature Bank’s 2021 Social Impact
Report, the institution is building on its momentum over the past
year to align with industry-standard frameworks to assist in
increasing transparency with regard to improving the communities in
which it operates. As part of its efforts, Signature Bank engaged a
management consulting firm, specializing in Environmental, Social
and Governance (ESG) to advise on company-wide ESG strategies,
including implementation of TCFD’s guidelines.
Throughout the past several years, Signature Bank has
continuously increased its commitment to ESG disclosures. To this
end, in response to shareholders’ call for greater transparency,
the Bank shared information through the lens of the Sustainability
Accounting Standard Board (SASB) framework for the first time in
its 2021 Social Impact Report.
As part of this ongoing commitment, the Bank is also announcing
today its intent to disclose Scope 1 and Scope 2 greenhouse gas
emissions (produced from its own operations), as well as diversity
data from its 2022 EEO-1 report.
“Since our inception 21 years ago, this institution has been
focused on ensuring its lending practices and all we do positively
impacts the communities we serve. The adoption of our purpose
statement, ’Looking Forward. Giving Back.,’ is our way of
articulating these core values, including transparency for all
stakeholders,” explained Scott Shay, Signature Bank Co-founder and
Chairman of the Board. “Given our rapid rate of growth during the
past two years, we are making significant headway as evidenced by
the TCFD-designed disclosures to better inform our investors,
clients and colleagues about the Bank’s dedication to
climate-focused initiatives,” he concluded.
“The TCFD recommendations are structured around themes that we
as an institution are already focused on improving,” said Lisa
Bond, Chief Social Impact Officer and Senior Vice President. “Our
commitment and strategy around ESG initiatives affords us a strong
foundation to build on as we begin this journey towards
climate-related financial disclosure. We believe implementing the
TCFD guidelines will benefit all our shareholders, colleagues and
other stakeholders, and our clients can now take comfort in knowing
the company caring for their finances shares a similar commitment
to the environment.”
To learn more about Signature Bank’s accomplishments and plans
in this area in 2021, 2022 and the years ahead, review its fact
sheet on the investor relations section of the Bank’s website
here.
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based,
full-service national commercial bank with 38 private client
offices throughout the metropolitan New York area, as well as in
Connecticut, California, North Carolina, and Nevada. 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™ enables
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 New York State 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220907005309/en/
Investor Contact: Brian Wyremski, Senior Vice President and
Director of Investor Relations and Corporate Development
646-822-1479 bwyremski@signatureny.com Media Contact: Susan Turkell
Lewis, 646-822-1825 slewis@signatureny.com
Signature Bank (NASDAQ:SBNY)
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Signature Bank (NASDAQ:SBNY)
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