Signature Bank, a commercial bank with branches in New Rochelle and White Plains, has completed a public offering of 2.1 million shares of common stock, raising approximately $257.2 million in new capital.
The offering increased the capital of the bank to nearly $2.2 billion and brings its current market capitalization to more than $6 billion.
“The proceeds of this offering will help fuel Signature Bank”™s future growth as we look to further build out our expanding banking network,” Signature Bank President and CEO Joseph J. DePaolo said in a statement.
“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,” added Scott A. Shay, chairman of the board.
The offering was underwritten exclusively by J.P. Morgan, and the investment bank holds an option to purchase up to 315,000 shares at the public offering price of $123.25 per share until July 10.
Signature Bank”™s common stock trades on the Nasdaq. With 27 branches in the New York metropolitan area, Signature Bank offers both business and personal banking services.
