NEW YORK--(BUSINESS WIRE)--Signature Bank (Nasdaq: SBNY), a New York-based full service commercial bank, announced today the pricing of its underwritten public offering of 28 million depositary shares, each representing a 1/40th interest in a share of 5.000% Noncumulative Perpetual Series A Preferred Stock, at a public offering price of $25.00 per depositary share. The Bank has also granted the underwriters a 30-day option to purchase up to 2 million additional depositary shares. The Bank intends to use the proceeds from the offering for general corporate purposes.
Morgan Stanley & Co. LLC, BofA Securities, Inc., Keefe, Bruyette & Woods, Inc. and UBS Securities LLC are acting as the underwriters in the offering. Closing of the offering is expected to occur on or about December 17, 2020, subject to customary closing conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor will there be any sale of the securities in any State in which any such offer, solicitation or sale would be unlawful. The preferred stock offering will be made only by means of an offering circular.
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 36 private client offices throughout the metropolitan New York area, including those in Connecticut as well as California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, Signature Bank, with $63.7 billion in assets, is one of the top 40 largest banks in the U.S., based on deposits (S&P Global Market Intelligence). Deposits as of September 30, 2020 reached $54.3 billion.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
For more information, please visit https://www.signatureny.com/.
