Investors include existing and new shareholders, family offices, and private equity firms. The proceeds will be used to support Esquire Bank’s continued strong growth and for other general corporate purposes.
"We are very pleased with the success of this capital raise and the confidence expressed from our new and existing investors," said Dennis Shields, Executive Chairman. "The additional capital will allow us to continue to grow organically with a focus on our strategic initiatives."
This announcement underscores the strength of the Company’s banking model. "We have experienced strong core deposit growth over the past several years while maintaining excellent credit quality and a strong balance sheet," stated Andrew C. Sagliocca, President and Chief Executive Officer. "We are committed to delivering unparalleled banking services to the legal industry and the business communities we serve."
The Company also announced that its banking subsidiary, Esquire Bank, has converted from a federal savings bank to a national bank. In connection with the charter conversion, the Company has converted from a savings and loan holding company to a bank holding company.
"We believe the national bank charter is a better platform for our business model and will allow us to continue to grow and enhance our commercial business," added Sagliocca. "Since our focus is commercial banking, we expect that the Company and its shareholders will benefit from comparing Esquire to a peer group of banks, rather than thrifts."
The conversion to a national bank charter has no effect on Esquire Bank’s customers. Depositors will continue to be insured by the FDIC to the fullest extent permitted by law. Esquire Bank will continue to be regulated by the Office of the Comptroller of the Currency and the Company will continue to be regulated by the Federal Reserve Board.
