“We did not, nor did any others, foresee the dramatic decline in taxi
medallion values caused by a combination of rapid radical disruption by
app-based hailing systems and inaction by governmental authorities,” said
Scott A. Shay, chairman of the board. abfj
Signature Bank reported Q2/17 net income was $14 million versus $102.2 million in Q2/16. Signature attributed the decrease to an increase of $154.3 million in the provision for loan losses, nearly
all attributable to the New York City taxi medallion portfolio.
SIGNATURE BANK Q2 EARNINGS SUFFER
ON TAXI MEDALLION LOAN LOSSES