2008-09-05 19:28:03 -
www.signatureny.com/ - Signature Bank Investor Contact: Eric R. Howell, 646-822-1402 Chief Financial Officer ehowell@signatureny.com or Media Contact: Susan J. Lewis, 646-822-1825 slewis@signatureny.com Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today that the 13th session of its First Time Investor Program will kick off on Tuesday, September 9, 2008
in Brooklyn's Bedford Stuyvesant area.
The First Time Investor Program, which began in 2002, offers educational classes to qualified members of low and moderate income communities twice a year (fall and spring). The classes cover an introduction to banking, investing and the stock market and also focus on how the markets operate, strategies for long-term investing and the roles of investment community players. Classes are taught by Signature Bank employees who volunteer their time in the off-work hours as well as experts from a range of leading financial services institutions.
Individuals who meet the program income guidelines are required to open a Signature Securities Group money market account with a $750.00 investment, which is then matched by a grant of an equal amount from Signature Bank. To date, the program has served more than 150 participants and distributed in excess of $100,000.
First Time Investor Program students participate in a nine-week class and receive two years of free investment advice and assistance from a Signature Securities Group investment advisor. This helps each one establish and manage a personalized portfolio in line with their individual investment goals. In addition, the Bank also provides a three-month subscription to The Wall Street Journal to help enhance their investment knowledge.
Since its inception, the program has been offered in the Bronx, Brooklyn and Manhattan as well as in Westchester County (in both Hawthorne and Mount Vernon) and in Freeport, Long Island. During each session, Signature Bank identifies and partners with local not-for-profit organizations to aid in the participant recruitment process. The next session will be hosted in conjunction with Brooklyn-based Bridge Street Development Corporation (BSDC), which provides assistance with affordable housing, economic development and financial literacy training for low and moderate income individuals. Classes will be held at BSDC's site at 456D Nostrand Avenue in Bedford Stuyvesant on Tuesday evenings from 6:30-8:30 PM, from September 9, 2008 until November 18, 2008.
In the past, the non-profit entities Signature Bank has partnered with included: Community Capital Resources in Westchester County, Credit Where Credit Is Due in Manhattan, Community Development Corporation of Long Island, Accion New York, the Bronx Overall Economic Development Corp. and Mount Vernon Chamber of Commerce.
John Tamberlane, Signature Bank's Vice Chairman commented on the First Time Investor Program, stating: "This novel program has consistently received accolades from non-profits with whom we align and the communities we serve. They cite the First Time Investor Program as an innovative and responsive approach to aiding in the asset building needs of metro-N.Y.'s low and moderate income community. This fall will mark our 13th offering of the program, and each year, it is extremely rewarding to see the results reaped by prior participants who are stretching their investment dollars by applying the strategies and skills they learned in the program classes. This is a creative and important initiative that allows us to bring our financial services expertise directly to the community and constituents in our marketplace, and we are proud of the successes of program participants to date."
Rhonda Lewis, Executive Director and Chief Executive Officer at BSDC, added: "Our partnership with Signature Bank has allowed us to provide a comprehensive program to the residents of Central Brooklyn with the tools needed to take control of their financial future. The First Time Investor Program is one of the most informative nine-week programs a prospective investor could experience."
Typically, about 20-25 participants partake in each session. Interested parties should call 718-636-7596, ext. 13 to register.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 21 private client offices located in the New York metropolitan area, serving the needs of privately owned businesses, their owners and senior managers through dozens of private client groups. The Bank offers a wide variety of business and personal banking products and services as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member NASD/SIPC.
Signature Bank's 21 offices are located throughout the metropolitan New York area. In Manhattan - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South and 1020 Madison Avenue. Brooklyn - 26 Court Street; 84 Broadway and 6321 New Utrecht Avenue. Westchester - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island - 1225 Franklin Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 68 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck and 100 Jericho Quadrangle, Jericho. Queens - 36-36 33rd Street, Long Island City and 78-27 37th Avenue, Jackson Heights. Bronx - 421 Hunts Point Avenue, Bronx.
Since commencing operations in May 2001, the Bank has grown to $6.37 billion in assets, $4.87 billion in deposits, $426.3 million in equity capital and $2.96 billion in other assets under management as of June 30, 2008.
For more information, please visit www.signatureny.com.
Program Aimed at Educating Low and Moderate Income Community about
Appropriate Investing Practices;
Bank Offers Grants for New Investor Class Participants
