Signature Bank sets up commercial marine unit

JULY 11, 2014 —  Signature Bank (Nasdaq: SBNY), a New York-based full service commercial bank, says that its specialty finance subsidiary, Signature Financial LLC, will begin offering direct finance services for the commercial marine industries on a national basis.

The commercial marine unit will specialize in the financing of commercial vessels, including supply ships, tug boats, barges and commercial passenger transport vessels.

Richard J. Paine, Sr. has been appointed National Marine Sales Manager for Signature Financial's 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.

Mr. Paine brings more than 20 years of marine lending expertise to his new position. Most recently, he was National Finance Manager in the Commercial Marine Group at TCF Equipment Finance, Inc., where he started the company's specialized maritime and transportation group, targeting shipbuilders, operators, service providers and vessel owners. Additionally, Paine created the marine lending initiative at Key Equipment Finance, a division of KeyBank Corp. He also held other finance and business development roles at CitiCapital, General Electric Commercial Corp., and Debis Financial Services, Inc., a division of Daimler Chrysler.