Signature Bank, a New York-based full service commercial bank has completed its public offering of 5,175,000 shares of common stock at $26 per share, including the over allotment of 675,000 shares exercised by the underwriters.
The net proceeds to Signature Bank from the offering were approximately $127.1 million, after the deduction of underwriting discounts and commissions and offering expenses. This offering increases the Bank’s capital to more than $700 million.
Joseph J. DePaolo, President and CEO, said: “With a healthy, well-structured balance sheet, Signature Bank is well positioned to further solidify its leadership standing in this marketplace. Our unwavering commitment to the Bank’s depositor-focused model has allowed us to not only survive in these turbulent times but to actually thrive in them.”
This additional capital will help foster the Bank’s growth. We continue to take advantage of the disjointed financial services marketplace by attracting and recruiting highly talented private client banking teams who recognize that at Signature Bank, they can serve as the single point of contact for their clients,” he explained.
Merrill Lynch acted as sole book-running manager in Signature Bank’s offering and FBR Capital Markets served as co-lead manager.
