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Signatue Bank Launches Municipal Finance Subsidiary

July 13, 2015, 07:44 AM
Filed Under: New Venture

Signature Bank announced the formation of a new wholly owned subsidiary, Signature Public Funding Corp.

Signature Public Funding will provide a range of municipal finance and tax-exempt lending and leasing products to government entities throughout the country, including state and local governments, school districts, fire and police and other municipal entities. The new national subsidiary is based in Towson, Md. (600 Washington Avenue, Suite 305), where a new office recently opened.

Signature Bank named Donald S. Keough Senior Managing Director of Signature Public Funding to oversee day-to-day management and operations of the new subsidiary. Keough, a lawyer by trade, has been involved in the public finance industry since 2002. In the three years prior to joining Signature Public Funding, Keough practiced law privately, representing lenders and lessors in the municipal arena. Earlier, he spent seven years as Vice President at SunTrust Equipment Finance & Leasing Corp. in Towson, heading operations of the public finance and municipal lending division, where he was responsible for structured lease and loan transactions in the public and commercial sectors.

Concurrently, Richard C. Cumbers was appointed Senior Managing Underwriter of Signature Public Funding. He has been working in financial services for 20 years, having dedicated the past decade primarily to municipal and public lending. Most recently, he was a Senior Risk Officer at Bridge Capital Leasing in Hunt Valley, Maryland (a division of Bank United). Earlier in their careers, Cumbers worked with Keough at Sun Trust Equipment Finance & Leasing where they helped build, in tandem, a team that closed more than $1.2 billion in public finance transactions annually.

Additionally, Signature Public Funding named Tonia Lee, Senior Documentation Officer, to support lending activities, who joins from Grant Capital Management, Inc. of Columbia Md., where she was an Assistant Vice President/Senior Portfolio Manager responsible for all aspects of document drafting, negotiations and review.

This new subsidiary will be overseen by the management team of Signature Financial LLC, the Bank’s specialty finance subsidiary, who have extensive experience in the municipal finance space.

“The creation of Signature Public Funding complements the specialty finance business lines offered through Signature Financial that we launched back in April 2012. This new subsidiary will provide financing to municipalities for the acquisition of essential equipment for critical services as well as a range of infrastructure-enhancing projects. This is a market where we see opportunity, and we are confident we are building a team of industry experts to serve its needs,” said Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.

“Perhaps most importantly, Signature Public Funding intends to deliver the same high levels of service to which Signature’s commercial clients have grown accustomed. Our relationship-based approach will be the hallmark of Signature Public Funding as well. Don and Rich have dedicated much of their careers to public finance and bring deep experience and relationships to our institution,” DePaolo said.

Keough commented on the establishment of the new subsidiary: “This new venture at Signature Bank is a very exciting one for me and Rich as well as the team we are creating here. By leveraging Signature Bank’s proven platform and the strength of its reputation coupled with the success of Signature Financial, we are confident in the support we will garner for the tax exempt business and the team we will establish to service the municipal space.”

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