Less than six months after its initial public offering, Signature Bank of New York, which is majority owned by Bank Hapoalim BM, said it is planning its second.
The $2.7 billion-asset bank said Wednesday that it would offer 2.2 million shares, and that Hapoalim U.S.A. Holding Co. Inc. would offer 2.2 million of the 20 million its owns. Hapoalim, whose parent is Israel's largest banking company, now hold 76% of Signature's stock.
Signature's press release did not say how the money would be used, and a spokeswoman said she could not discuss the plan because the bank is in a quiet period imposed by the Securities and Exchange Commission. It raised $88.3 million on March 25 in its initial public offering, selling 6.2 million shares at $15.50 each.
The bank serves small businesses and wealthy individuals in the New York metropolitan area. It opened in May 2001.
