DURHAM – Twenty-four veterans at Square 1 Bank, which is based in Durham, have left the venture capital-focused firm to form a new Venture Banking Group at Signature Bank.

The New York-based commercial bank announced the new initiative on Monday.

The move comes a month after Square 1 in an email formally announced plans for a new name – Pacific Western Asset Management.

https://wraltechwire.com/2019/04/15/former-ced-exec-among-square-1-veterans-leaving-for-new-venture-group/

Square 1 will be grouped with Pacific Western Bank’s Venture Banking Group as of April 30.

Pacific Western and Square 1 merged in 2015.

The Signature Venture Banking Group will “focus on serving venture capital firms and the portfolio companies in which they invest,” the bank said.

As former CED exec takes on new role at Square 1, venture bank prepares new branding

Ken Fugate, one of Square 1’s founders which launched in 2005, will lead the new initiative. The group will be based in Denver and will maintain an operation in Durham, Signature said.

“Signature Bank has an innovative platform where we can bring our industry expertise, entrepreneurial roots and banking approach to continue our success within the venture capital domain,” Fugate said in the announcement.

“Signature Bank, which similarly began as an entrepreneurial startup nearly 20 years ago, is rapidly growing and identifying ways and areas in which to apply their proven single-point-of-contact model. We can seamlessly execute on this philosophy as we have built a team with a proven track record of consistent growth, based on a relationship-centric model. Our experience coast to coast allows us to serve the needs of venture capital firms and their portfolio companies nationwide. Signature Bank affords our team the opportunity to operate a business within an established, successful yet entrepreneurial-spirited bank, and we look forward to thriving in this environment.”

Other top executives include:

  • Mara Huntington, Managing Group Director, National Lending
  • Ryan Incorvaia, Managing Group Director, Credit
  • Arthur Wasson, Managing Group Director, Venture Capital Services and Global Treasury Management.

Huntington and Wasson will be based in Durham and focus on technology as well as life science teams and banking venture capital firms, respectively.

Incorvaia will be based in Denver.

Other offices will be located in Austin, Atlanta, Chicago, Silicon Valley and Washington, D.C.

“The launch of the new Signature Bank Venture Banking Group is indicative of our continued abilities to pursue complementary areas of growth and expansion for the Bank,” said Joseph DePaolo, Chief Executive Officer of Signature Bank.

“Technology and life sciences are both vibrant business sectors within today’s economy and areas we want to serve. We believe our organic growth model of attracting high-quality banking teams is the best use of capital, and Ken and his team are the best-in-class in the venture banking arena. The Signature Bank Venture Banking Group has experts strategically placed in key geographic markets throughout the country, and with the establishment of this Group, our teams are now positioned nationally in these important sectors.”