The Sandy Springs-based Signature Bank of Georgia has announced its new “Go and Grow Strategy” campaign this week.
Signature says that the campaign was established to help the bank grow amidst a potentially looming recession.
According to a release, under the new campaign, the bank plans to bring in an additional $4 million to $7 million in new capital and take on a more “offensive” strategy, citing that other banks are adopting a more defensive stance in response to a possible recession.
“I have found in our previous recession, an extremely high-capitalized bank can make a big difference compared to other banks, since it can continue to lend for real estate investment or to business owners looking to capitalize on price adjustments,” said Signature Bank of Georgia CEO Charlie Brown.
“As a small nimble local bank, not unlike our clients, we can run between the legs of elephants to find the opportunities that make sense.”
Signature Bank of Georgia hired Brown as its new CEO back in November 2022. Brown was hired by the bank to oversee its newly-announced campaign, taking over for founding CEO Freddie Deutsch.
With around $20 million in net operating loss carryforwards, as well as being one of the few locally-owned and operated banks in Atlanta, Signature Bank says that it is in a solid position to capitalize on future opportunities presented in the market.
“The fact that the bank is profitable to the tune of over $2 million and has a running head start of $200 million in assets for FYE 2022, means the profitability, along with a high-quality loan portfolio and a significant staff expansion strategy, provides the bank with a unique opportunity,” said Brown.