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Banker Honored With Award From Westchester County Association

WESTCHESTER COUNTY, N.Y. -- Joe DePaolo met Al DelBello long after he began his successful banking career. With one simple gesture at Signature Bank’s headquarters, the New Rochelle resident has made certain their relationship will endure far into this century, and hopefully beyond.

Joe DePaolo, the President and Chief Executive Officer of Signature Bank, will be honored by the Westchester County Association on Thursday, Nov. 19.

Joe DePaolo, the President and Chief Executive Officer of Signature Bank, will be honored by the Westchester County Association on Thursday, Nov. 19.

Photo Credit: Contributed

DePaolo, the President and Chief Executive Officer of Signature Bank, will be honored by the Westchester County Association with the Alfred B. DelBello Visionary Award on Thursday, Nov. 19, at its Fall Leadership Dinner. DelBello, the first Democrat to be elected Westchester County Executive and a former Lieutenant Governor in New York, died on May 15. He was 80 years old.

“I was surprised that I was selected,’’ DePaolo said. “I’m also honored because Al was so respected. I’m grateful to the Westchester County Association and Bill Mooney as well as Dee DelBello for choosing me for this award.”

At DePaolo’s request, DelBello served as a member of the Board of Directors for Signature Bank for 12 years. After his death, DePaolo decided to name of the board room at the Bank’s Manhattan headquarters the “Alfred B. DelBello Board Room.” It includes a monument to DelBello – “think Monument Park at Yankee Stadium, business-style,” DePaolo says -- to honor his friend, who also served as the Mayor of Yonkers.

“My management team respected and liked him,’’ DePaolo said. “Sometimes, it’s easy to respect somebody but not really like them. Everybody liked Al. As far as we’re concerned, that room will always be named after Al.”

DePaolo met DelBello, and his wife, Dee, at a dinner for bankers and accountants in the 1990s. At the time, DePaolo was working for Republic National Bank. “He asked me a lot about the bank, and I was surprised that someone of his stature was so interested,’’ DePaolo said.

When HSBC purchased Republic, DePaolo left to start Signature Bank, and DelBello said he’d be willing to help. “I asked Al to join us as an independent director,’’ DePaolo said. “We wanted to have an elder statesman on the board, but he also had strong business acumen and a lot of common sense.”

With DePaolo’s guidance and DelBello’s support, Signature Bank has blossomed into one of the nation’s most highly regarded commercial banks.

The Manhattan-based bank was recently named best bank in America and America’s 50 Most Trustworthy Financial Companies by Forbes. It caters to privately owned businesses, their owners, management and staff as well as high-net-worth individuals. Signature Bank has grown from an initial $43 million investment at its start to $32 billion in assets. It ranks in the top 1 percent of all U.S. commercial banks, based on total assets (source: FDIC Market Share Report ) and is the largest U.S. bank to have registered five years of consecutive net income growth.

DePaolo’s hands have been at the wheel since the outset. It’s quite an achievement for a former high school basketball star who thought his calling was coaching and accounting.

DePaolo played in high school at St. Raymond’s in the Bronx, and considered attending Dartmouth and Army. “My claim to fame is I was recruited by Coach K (Mike Krzyzewski),’’ DePaolo said, referring to the current Duke coach who began his career at Army. DePaolo opted to stay near home and went to Iona College, but did not play basketball. He did, however, return to his high school alma mater as a coach. “My biggest regret in life is not staying with coaching,’’ DePaolo said. “I’d have almost 40 years in by now.”

Instead, he’s the leader of Signature Bank, which thrived during the recent recession and has continued to flourish. The Bank does not advertise, market or solicit customers. Yet it has continued to grow with 29 offices, including two in Westchester and one in Greenwich, by providing small bank responsiveness with large bank experience and capability.

“We built the bank for the depositor,’’ DePaolo said. “Our clients put their heads on the pillow at night knowing that their money is safe. We don’t call people customers. We call them clients. That better describes our working relationship.”

Click here to register and to learn more about the Fall Leadership Dinner.

This article is part of a paid Content Partnership with the advertiser, Westchester County Association. Daily Voice has no involvement in the writing of the article and the statements and opinions contained in it are solely those of the advertiser.

To learn more about Content Partnerships, click here.

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