Signature Bank Announces Special Meeting of Stockholders to Approve Stock Repurchase Program
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today that its Board of Directors has
approved the repurchase from time to time in open market transactions of up to $500 million of common stock (the “Stock Repurchase
Program”) and that the Bank will seek stockholder approval of the Stock Repurchase Program at a special meeting of stockholders.
Under applicable New York law, the Stock Repurchase Program must be approved by holders of at least two-thirds of the outstanding
common stock.
The record date for determination of shareholders entitled to vote at the special meeting is September 4, 2018. The special
meeting will be held on or about October 17, 2018 in New York City. A proxy statement with more information about the special
meeting will be sent to shareholders of record following the record date.
The Stock Repurchase Program is also subject to approval by the Federal Deposit Insurance Corporation and the Department of
Financial Services of the State of New York. The Bank expects to file applications seeking such approval prior to the special
meeting. Implementation of the Stock Repurchase Program is subject to any limitations imposed in connection with obtaining the
regulatory approvals described above and to market conditions. Once commenced, the Bank may terminate the Stock Repurchase Program
at any time.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 30 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn,
Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. In 2018, the Bank expanded its footprint on the West
Coast with the opening of its first full-service private client banking office in San Francisco. The Bank’s growing network of
private client banking teams serves the needs of privately owned businesses, their owners and senior managers.
Signature Bank’s specialty finance subsidiary, Signature Financial, LLC, provides equipment finance and leasing. Signature
Securities Group Corporation, a wholly owned Bank subsidiary, is a licensed broker-dealer, investment adviser and member
FINRA/SIPC, offering investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, the Bank has grown to $45.22 billion in assets, $34.15 billion in loans, $34.99 billion
in deposits, $4.15 billion in equity capital and $3.49 billion in other assets under management as of June 30, 2018. Signature
Bank's Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.
Signature Bank is ranked the 40th largest bank in the U.S. from nearly 6,000, based on deposits (SNL
Financial). The Bank recently earned several third-party recognitions, including: appeared on Forbes' Best Banks in America list for the eighth consecutive year in 2018; named Best Private Bank and Best
Attorney Escrow Services provider and among the top three Best Business Banks for the eighth consecutive year by the New York Law Journal in the publication’s annual Best of Reader survey; and, cited in the top three of the nation's best private banking services providers in the 2017 Best of The National Law Journal reader rankings.
For more information, please visit www.signatureny.com.
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 our
operations and business environment, all of which are difficult to predict and may be beyond our control. Forward-looking
statements include information concerning the Stock Repurchase Program, 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 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; (vi) competition for qualified personnel and desirable office
locations and (vii) the requirements to obtain stockholder and regulatory approval of the Stock Repurchase Program. 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.
Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Executive Vice President – Corporate & Business Development
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com
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