NEW YORK--(BUSINESS WIRE)--Signature Bank (Nasdaq: SBNY), a New York-based full service commercial bank (the “Bank”), announced today the pricing of $375 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2030 (the “notes”). The notes will bear interest at 4.00% per annum, payable semi-annually in arrears on each April 15 and October 15 commencing April 15, 2021 until October 15, 2025. On October 15, 2025 and thereafter, interest on the notes will accrue at three-month AMERIBOR plus 389 basis points, paid quarterly in arrears on each January 15, April 15, July 15 and October 15. Proceeds from the sale of the notes will be used for general corporate purposes. The offering of the notes is expected to close on October 6, 2020, subject to customary closing conditions.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 35 private client offices throughout the New York metropolitan area including Connecticut as well as in California and Charlotte, N.C. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers.