Shares of Signature Bank soared Tuesday after the New York commercial bank announced that it had expanded its stock offering by roughly 34%, to 4.7 million shares.
At a price of $29 a share, the stock offering is now expected to generate $136 million for Signature.
The $6.4 billion-asset company announced last week that it planned to issue 3.5 million common shares. A spokeswoman said Tuesday that it decided to increase the offering in response to "significant demand" for the shares. It has also granted the underwriters the option to buy 700,000 shares. The offering is scheduled to close Friday. Friedman, Billings, Ramsey & Co. Inc. is the lead underwriter.
Signature's shares rose 8.2% Tuesday, to close at $32.53.