By a News Reporter-Staff News Editor at Investment Weekly News -- Signature Bank (Nasdaq: SBNY), a New York-based full service commercial bank, announced 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.
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