Signature Bank $732 million stock offering
Davis Polk advised the joint bookrunners in connection with an offering of 2,100,000 shares of common stock of Signature Bank. The shares were offered pursuant to Section 3(a)(2) of the Securities Act of 1933. The total gross proceeds to Signature Bank totaled approximately $732 million. The common stock is listed on the Nasdaq Global Select Market under the symbol “SBNY.”
Signature Bank is a New York-based full service commercial bank with 37 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers. The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services. Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
The Davis Polk capital markets team included partner John B. Meade and associate Rahul K. Patel. Partner Margaret E. Tahyar and associate Kendall Howell provided regulatory advice. The tax team included partner Lucy W. Farr and associate Veronica Davis. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the New York and London offices.