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New York’s Signature Bank expands financing to commercial vessels

New York’s Signature Bank expands financing to commercial vessels
New York-based Signature Bank has announced on Thursday its expansion into offering direct finance services for commercial marine industries on a national basis.

Through its specialty finance subsidiary Signature Financial LLC, the commercial marine unit will provide financing for commercial vessels including supply ships, tug boats, barges and commercial passenger transport vessels.

The newly created service will also offer financing to franchise operators across a variety of national and regional restaurant concepts and chains.

“This is an exciting endeavor for Signature Financial and Signature Bank, as we extend our specialty finance expertise into additional thriving industries,” said Walter Rabin, president and ceo at Signature Financial.

The bank appointed Richard J Paine as national marine sales manager for the new commercial marine finance initiative. In this capacity, he will lead Signature Financial’s direct commercial marine business development efforts and aid in the development of the new unit’s strategic direction.

Since commencing operations in May 2001, Signature Bank has grown to $23.1bn in assets, $18.3bn in deposits, $1.91bn in equity capital and $1.99bn in other assets under management as at 31 March 2014. The bank and its affiliates have 27 offices located across New York.

The immediate aftermath of the post-2008 global financial crisis had led to a significant withdrawal of loans by banks and financial institutions for the shipping and marine sectors.

But in the last couple of years, industry players and analysts noted that financiers have been gradually returning, especially to the more lucrative offshore industry.