NEW YORK--(BUSINESS WIRE)--Signature Bank (Nasdaq: SBNY), a New York-based full service commercial bank, announced today the completion of its underwritten public offering of 2.1 million shares of common stock at $123.25 per share.
The net proceeds to Signature Bank from the offering were approximately $257.2 million, after the deduction of offering expenses. This offering increases the capital of the Bank to nearly $2.2 billion and brings its current market capitalization to more than $6.0 billion.
Proceeds from this offering will be used for general corporate purposes and to facilitate the Bank’s continued growth. The Bank caters to meeting the needs of privately owned businesses across metro-NY through its network of more than 90 private client banking teams spanning 27 banking offices.
“The proceeds of this offering will help fuel Signature Bank’s future growth as we look to further build out our expanding banking network. We continue to focus on identifying the area’s most talented banking professionals and attracting them to our institution. Increasingly, bankers and their clients are expressing interest in joining Signature Bank as we demonstrate our proven capabilities,” explained Signature Bank President and Chief Executive Officer Joseph J. DePaolo.
“Throughout the years, Signature Bank has grown based on our ability to provide clients a single point of contact for all their banking needs, coupled with unparalleled care and service. Our approach to commercial banking has truly set Signature Bank apart amid many too-big-to-fail institutions in the marketplace, and we are proud of the leadership position we now hold. To this end, we continue to earn recognition as a leading financial institution through various third-party rankings and accolades as we grow and flourish,” DePaolo said.
“We have created an institution that emphasizes the depositor and depositor safety first and foremost. Our careful, stringent and persistent management of our balance sheet over the years has helped ensure that we are prepared for possible economic change, and this has been integral to our success and that of our clients. The positive response resulting from this offering is a testament to the ongoing support we have received from the investment community since our initial public offering in 2004. We thank our shareholders for their confidence in our distinctive model, our clients for their loyalty and our Signature Bank colleagues for their tireless efforts,” added Scott A. Shay, Chairman of the Board.
J.P. Morgan acted as the sole bookrunner in Signature Bank’s offering.
The Bank has granted the underwriter an option to purchase up to 315,000 shares at the public offering price, exercisable until July 10, 2014.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 27 private client offices throughout the New York metropolitan area. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers.
Signature Bank offers a wide variety of business and personal banking products and services. The Bank operates Signature Financial, LLC, a specialty finance subsidiary focused on equipment finance and leasing, transportation financing and taxi medallion financing. Investment, brokerage, asset management and insurance products and services are offered through the Bank’s subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC.
Since commencing operations in May 2001, the Bank has grown to $23.1 billion in assets, $18.3 billion in deposits, $1.91 billion in equity capital and $1.99 billion in other assets under management as of March 31, 2014. Signature Bank's Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.
Signature Bank's 27 offices are located in: Manhattan (9) - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South; 1020 Madison Avenue; 50 West 57th Street and 2 Penn Plaza. Brooklyn (3) - 26 Court Street; 97 Broadway and 6321 New Utrecht Avenue. Westchester (2) - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island (7) - 1225 Franklin Avenue, Garden City; 53 North Park Avenue, Rockville Centre; 68 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck; 100 Jericho Quadrangle, Jericho and 360 Motor Parkway, Hauppauge. Queens (3) –36-36 33rd Street, Long Island City; 78-27 37th Avenue, Jackson Heights and 8936 Sutphin Blvd., Jamaica. Bronx (1) - 421 Hunts Point Avenue, Bronx. Staten Island (2) - 2066 Hylan Blvd. and 1688 Victory Blvd.
This press release and oral statements made from time to time by our representatives contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. You should not place undue reliance on those statements because they are subject to numerous risks and uncertainties relating to market conditions, our operations and business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include statements concerning our future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams and other hires, new office openings and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “should,” “will,” would,” "plan," "estimate" or other similar expressions. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in the forward-looking statements and can change as a result of many possible events or factors, not all of which are known to us or in our control. These factors include but are not limited to: (i) prevailing economic and capital markets conditions; (ii) changes in interest rates, loan demand, real estate values and competition, any of which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance, including earnings on interest-bearing assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the whole loan secondary markets, which can materially affect charge-off levels and required credit loss reserve levels; (iv) changes in monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the banking and other financial services regulatory environment and (vi) competition for qualified personnel and desirable office locations. Although we believe that these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if a change occurs or our beliefs, assumptions and expectations were incorrect, our business, financial condition, liquidity or results of operations may vary materially from those expressed in our forward-looking statements. Additional risks are described in our quarterly and annual reports filed with the FDIC. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement made in this release or elsewhere might not reflect actual results.