Signature Bank, a New York-based full-service commercial bank, announced today that it was named the best bank in America by Forbes in the publication’s annual list of America’s Best and Worst Banks 2015. Signature Bank has consistently appeared on this prominent list for the past five years, advancing its position annually, based on performance, which culminated in the Bank earning the top spot for 2015.
To create this list, Forbes relied on financial data provided by Charlottesville, Va.-based SNL Financial. Using this data, Forbes ranked the 100 biggest banks by assets in terms of asset quality, capital adequacy and profitability. Metrics used to rank the banks included net interest margin; nonperforming loans (NPLs) as a percentage of loans; nonperforming assets as a percentage of assets; reserves as a percentage of NPLs; two capital ratios (Tier 1 and risk-based) and leverage ratio. The data was derived from regulatory filings of banks and thrifts for the period ending September 30, 2014. Forbes also factored in return on average equity over the last 12 months as well as revenue growth for the same period, with the latter information coming from FactSet Research Systems. Forbes compiled the ranking of the best and worst banks based on an average of the individual ranks of each metric.
The sixth annual ranking of Forbes’ America’s Best and Worst Banks 2015 was released on December 22, 2014 on www.forbes.com.
“In a landscape primarily dominated by large, too-big-to-fail institutions, Signature Bank continues to stand out not only amongst our clients, who make this top listing possible, but also amid the eyes of various third parties, like Forbes, who objectively evaluate and recognize performance through industry rankings. We are extremely proud of the efforts of all our colleagues, who comprise some of the industry’s most talented banking veterans. We remain dedicated to delivering high levels of service to our clients -- mostly privately owned businesses -- through our distinctive single-point-of-contact approach, whereby single teams of bankers are capable of handling all clients’ needs,” explained Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank.
“Our client-centric team philosophy has been at the core of our business model since the Bank’s inception in 2001, resulting in 20 consecutive quarters of record earnings and consistently setting deposit and loan growth records. We attribute our fifth consecutive top-10 finish on the Forbes list of America’s Best Banks to our ability to attract some of the industry’s most experienced relationship bankers who bring an unwavering commitment to our clients. Being named Best Bank in America by Forbes is truly a prestigious honor; one that our entire organization can take pride in having achieved,” DePaolo added.