Signature Bank Now Paperless - Small Business Focus Succeeds

Posted on Oct 12, 2012

Chicago-based Signature Bank has done. The commercial lender, which opened its doors Aug. 4, 2006 with just $23.8 million in private capital investment from 249 individual shareholders, today holds approximately $328 million in assets. It achieved that growth by focusing on the lending needs of what the bank deemed an underserved market: small local businesses.

The bank has also added new treasury management features to try to boost client retention and ease new client acquisition. In an initiative that ties in neatly with the bank's name, Signature has begun offering electronic signatures, so clients can tap treasury services by signing Web-based documents via their mouse or touchscreens.

The bank's founders, CEO Michael O'Rourke and executive vice presidents Kevin Bastuga and Bryan Duncan, are all former executives of Associated Bank who left in 2005. The three colleagues found they shared the same strong opinion: That larger banks and even regionals were ignoring some of the boutique credit facility needs of small- and middle-market clients to pursue larger customers. They decided to start their own bank by raising funds from small area business owners they knew, so as to better serve them.

Signature tapped e-SignLive from Silanis to enable electronic signatures for treasury management customers so they could sign documents online using their computers or tablets. The bank aimed to trim the time and expense it took to onboard the services for clients, a previously prolonged process in which customers had to apply their wet ink signatures to paper documents received via Fedex or print out, sign and return PDFs sent via email.

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