Net income at Signature Bank, a New York-based full-service commercial bank with 18 private client offices in the New York metropolitan area...

Net income at Signature Bank, a New York-based full-service commercial bank with 18 private client offices in the New York metropolitan area, was $8.3 million in the quarter to 30 September 29 per cent up on $6.4 million in Q3 last year. An increase in net interest income was partially offset by an increase in expenses associated with the hiring of four new private client banking teams and the opening of two new offices. Commenting on these results, Joseph DePaolo, president and chief executive officer, said: "We once again had a successful recruiting quarter where we added four private client banking teams, bringing the total number of teams added to the Signature Bank network to nine this year. To date, we have hired nearly 40 private client banking team professionals, almost double the amount we added for all of last year. “We ended the quarter with 47 teams in place, which are headed by 58 group directors. This represents an increase of 11 group directors since the beginning of the year. The opportunity to bring on board the type of teams we are looking for is clearly present, and we are focused on taking advantage of this.”