Signature Bank (Nasdaq: SBNY), a New York-based full service commercial
bank, announced today that J.P. Morgan, the investment bank that acted
as sole bookrunner in its recent public stock offering, which closed on
June 13, 2014, exercised in full the option the Bank had granted the
firm to purchase up to 315,000 additional shares of common stock. The
exercise of the option resulted in additional net proceeds of $38.6
million.
The overall public offering, including the overallotment, resulted in
net proceeds of approximately $295.8 million to Signature Bank, after
the deduction of offering expenses. Furthermore, the offering increased
the capital of the Bank to $2.2 billion and brought its current market
capitalization to more than $6.0 billion.
Proceeds from the offering will be used for general corporate purposes
and to facilitate Signature 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.
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 regarding
the offering and information 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.
Copyright Business Wire 2014