Signature Bank in New York has filed a plan to sell about $299 million in common stock.
The $34 billion-asset Signature intends to sell 2.2 million shares at $136 each, according to its preliminary offering circular. It intends to use the proceeds to pay for organic growth, open new private client offices, recruit bankers and other talent, and potentially make acquisitions.
After the sale, Signature will have about 53 million shares of common stock outstanding. Signature reiterated in the offering circular that it does not plan to pay a cash dividend on its common stock.
- New York
Signature Bank in New York reported a record profit in the fourth quarter as strong loan growth more than offset continuing weakness in its portfolio of taxi medallion loans.
January 21 -
New York Community Bancorp in Westbury has finished the balance sheet repositioning it previewed as part of its agreement to buy Astoria Financial in Lake Success, N.Y.
December 29 -
John Kanas, BankUnited's CEO, said the business never turned a profit, and there were no indications that it would. The company, meanwhile, remains committed to other residential lending operations while focusing on expanding its other businesses across Florida.
January 22
Signature said on Thursday that its fourth-quarter earnings rose 27% from a year earlier to $103 million. In the quarter, Signature increased its loan-loss provision by about 120%, to $16.7 million, to cover for problem credits in its portfolio of taxi medallion loans, which have weakened as
JPMorgan Chase and Goldman Sachs are the financial advisers on the stock sale. Paul, Weiss, Rifkind, Wharton & Garrison is Signature's legal counsel.
