Signature Bank (SBNY) in New York plans to sell 2.1 million new shares of common stock.
The underwriter, J.P. Morgan Securities, will get a 30-day option to purchase as many as 315,000 additional shares, Signature said in a news release Monday. Based on the company's closing stock price Monday, the offering could raise nearly $300 million.
The $23 billion-asset Signature Bank is a commercial bank that operates 27 private client offices throughout metropolitan New York. It reported a 30% increase in profits in the first quarter on strong loan and deposit growth, and it continues to improve its asset quality.
Its release included few details about the offering, including how the proceeds will be used.