Signature Bank perpetual preferred stock offering
Davis Polk advised the representatives of the underwriters in connection with an offering by Signature Bank of 29,200,000 depositary shares, each representing a 1/40th ownership interest in a share of 5.000% noncumulative perpetual Series A preferred stock, including 1,200,000 million depositary shares sold pursuant to the underwriters’ option to purchase additional shares. The depositary shares were offered pursuant to Section (3)(a)(2) of the Securities Act of 1933.
Signature Bank, member FDIC, is a New York-based, full-service commercial bank with 36 private client offices throughout the metropolitan New York area, including those in Connecticut as well as 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 corporate team included partner John B. Meade and associates Michael J. Russo, Rahul K. Patel and Lia-Michelle Keane. Partner Michael Farber provided tax advice. Partner Margaret E. Tahyar and associate Greg Swanson provided financial institutions advice. All members of the Davis Polk team are based in the New York office.