Barney Frank joins Signature Bank board

[jkbRN]

It's the first time the co-author of the landmark Dodd-Frank reform law has joined a bank since leaving Congress two years ago.

Signature Bank, one of the city's fastest-growing financial institutions, said that former Congressman Barney Frank would join its board.

Mr. Frank's name is on the Dodd-Frank Act, a financial reform law that is highly unpopular among many bankers. But officials at Signature said they are happy to have Mr. Frank join their boardroom. "We specifically seek members … who share diverse perspectives and possess strong decision-making capabilities," said Chairman Scott Shay.

Signature, which launched in 2001, has about $29 billion in assets and serves primarily small businesses around New York. It has few retail branches.

It isn't clear how much money Mr. Frank will make from his new job, but Signature typically pays its directors about $60,000 a year in cash and also pays them in stock. Mr. Frank was granted 1,913 shares with a market value of about $280,000 that will vest next March.

The appointment is Mr. Frank's first to a bank board since retiring from Congress in 2013. He succeeds former board member Alfred DelBello, a onetime lieutenant governor who died last month.

Source: http://www.crainsnewyork.com/article/20150617/BLOGS02/150619877/barney-frank-joins-signature-bank-board

[a kennedy]

1. Did we find this out AFTER he trashed my man Bernie???

http://www.democraticunderground.com/?com=view_post&forum=1251&pid=636234

[jkbRN]

2. Lol, no.

I do, however, think it's a good thing for people to be aware of this especially when people seem to respect his opinion on current political situations.