DURHAM – Signature Bank’s recently launched Venture Bank Division got off to a quick start by recruiting numerous Square 1 Bank executives. And the number of Square 1 veterans grew considerably larger this week.
Signature Bank says it added 10 “senior-level” hires to its venture group, lifting the total of members to 28. It’s also growing the Funding Bank Division.
New additions at its Durham location are:
- Justin McDonie, Managing Director, Life Sciences
- Michael Fulton, Managing Director, Venture Capital Services
- Zack Mansfield, Managing Director, Technology
Other executives were added elsewhere.
24 Square 1 bank veterans jump to form new VC group at Signature Bank
Square 1 is part of Pacific Western Bank. Recent changes at Square 1, which is based in Durham,and the launch of the new Signature Bank division led to a host of departures across the country from Square 1.
The extensive press release which includes background information about the executives joining Signature can be read online.
“The expansion of both our Fund Banking Division and Venture Banking Group is demonstrative of the market opportunity we’ve identified in each of these businesses,” said Signature Bank President and Chief Executive Officer Joseph DePaolo in a statement.
Square 1 vet Mara Huntington reveals reasons for jumping ship to form new venture group
“We believe the venture capital and private equity arenas are rapidly growing sectors which will prove beneficial to our growth — ones where our relationship-based model would bode well for the types of clients we attract and serve. In keeping with our single-point-of-contact, relationship-based approach, we identified top talent initially to lead and grow these businesses. Under the leadership of Tom Byrne in our Fund Banking Division and Ken Fugate for our Venture Banking Group — both proven professionals with significant growth track records in their respective areas – we are swiftly establishing a foothold in venture capital and private equity banking.”
