New York City-based Signature Bank (NYSE:SBNYW) has a unique culture that provides talented and passionate banking professionals with a supportive environment to service their clients. Over the long-term, this has generated outstanding returns for shareholders. We were able to buy this great franchise at a discounted valuation, as investors have overly penalized the bank for losses on taxi loans, which are a small portion of its overall loan book.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Fund third quarter 2017 commentary.
