Signature Bank Announces Support from Task Force on Climate-Related Financial Disclosures (TCFD)
The Bank also engages in initiatives to measure and report Scope 1 and Scope 2 greenhouse gas (GHG) emissions.
NEW YORK, September 07, 2022–(BUSINESS WIRE)–Signature Bank (Nasdaq: SBNY), a New York-based full-service national commercial bank, today announced that effective August 2022, it has become an official supporter of the Task Force on Climate-Related Financial Disclosures (TCFD). Created 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 approximately 3,400 supporters of the TCFD, Signature Bank demonstrates greater transparency through the disclosure of climate risks. Ultimately, this will allow stakeholders to better assess the impact of risks associated with climate change against Signature Bank’s business model.
Following the publication of Signature Bank’s 2021 Social Impact Report, the institution is building on its momentum from the past year to align with industry-standard frameworks to help increase transparency when it comes to improving the communities in which it operates. As part of its efforts, Signature Bank engaged a management consultancy, specializing in environment, social and governance (ESG) to advise it on enterprise-wide ESG strategies, including the implementation TCFD guidelines.
Over the past few years, Signature Bank has continuously increased its commitment to ESG disclosures. To that 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 today announcing its intent to disclose Scope 1 and Scope 2 greenhouse gas emissions (generated by its own operations), as well as diversity data from its reporting. EEO-1 2022.
“Since our inception 21 years ago, this institution has been focused on ensuring that its lending practices and everything we do has a positive impact on 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, co-founder and chairman of the board of Signature Bank. from our rapid rate of growth over the past two years, we are making significant progress, as evidenced by the disclosures designed by TCFD to better inform our investors, clients and colleagues about the Bank’s commitment to climate-focused initiatives “, he concluded.
“TCFD’s recommendations are structured around themes that we as an institution are already working to improve,” said Lisa Bond, director of social impact and senior vice president. “Our commitment and strategy around ESG initiatives gives us a strong foundation to build on as we embark on this journey towards climate-related financial disclosure. We believe that implementing the TCFD guidelines will benefit all of our shareholders, colleagues and other stakeholders, and our customers can now rest easy knowing that the company looking after their finances shares a similar commitment to the environment.”
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 New York metropolitan area, as well as Connecticut, California, North Carolina and Nevada. With its single-point-of-contact approach, the Bank’s retail banking teams primarily serve the needs of private businesses, their owners and senior executives.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, which provides financing and equipment leasing; and Signature Securities Group Corporation, a licensed broker-dealer, investment advisor and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, Signature Bank has reached $116 billion in assets and $104.12 billion in deposits as of June 30, 2022. Signature Bank has placed 19e on S&P Global list of largest banks in the United States, based on deposits at the end of 2021.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payment platform. Bookmark™ enables business customers to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year, and was also the first solution to be approved by the Department of Financial Services of the New York State.
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 such statements as they are subject to many risks. and uncertainties relating to our business and our business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information regarding our expectations regarding future results, interest rate and interest rate environment, loan and deposit growth, loan performance, operations, new hires of private client teams, new office openings, business strategy and the impact of the COVID -19 pandemic on each of the above and our business as a whole. Forward-looking statements often include words such as “may”, “believe”, “expect”, “anticipate”, “intend”, “potential”, “opportunity”, “could”, “project “, “seeks”, “target”, “aim”, “should”, “fly”, “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 issues and disclosures), which may be based on standards for measuring progress that are still under development, internal controls and processes that will continue to evolve and assumptions that may change in the future. When considering forward-looking statements, you should understand that such statements are not guarantees of performance or results. They involve risks, uncertainties and hypotheses that could ent cause actual results to differ materially from those in the forward-looking statements and may change due to numerous possible events or factors, all of which are not known to us or within 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, which may materially affect origination levels and earnings on sales results in our business, as well as other aspects of our financial performance, including earnings on assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the general secondary loan markets, which may materially affect the levels of allocation and required credit loss reserve levels; (iv) changes in the monetary and fiscal policies of the United States government, including the policies of the United States Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the regulatory environment for banks and other financial services; (vi) our ability to maintain the continuity, integrity, safety and security 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 impacting 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 these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if anything changes or our beliefs, assumptions and expectations are incorrect, our business, financial condition, liquidity or results of operations could differ materially from those expressed in our forward-looking statements. You should keep in mind that any forward-looking statement made by Signature Bank speaks only as of the date on which it was made. New risks and uncertainties arise from time to time, and we cannot predict these events or their impact on the Bank. Signature Bank is under no obligation and does not intend to update or revise any forward-looking statements after the date on which they are made.
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Brian Wyremski, Senior Vice President and Director of Investor Relations and Corporate Development
Susan Turkell Lewis, 646-822-1825