Davis Polk advised the initial purchasers in connection with an offering by Signature Bank of $375 million aggregate principal amount of its 4.00% fixed-to-floating-rate subordinated notes due 2030. The notes 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 35 private client offices throughout the New York metropolitan area including Connecticut as well as in California and Charlotte, N.C. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers. Signature Bank’s specialty finance subsidiary, Signature Financial, LLC, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned Bank subsidiary, is a licensed broker-dealer, investment adviser and member FINRA/SIPC, offering investment, brokerage, asset management and insurance products and services. Signature Bank’s revolutionary blockchain-based digital payments platform, Signet™, allows the Bank’s commercial clients to make real-time payments in U.S. dollars, 24/7/365, safely and securely, without transaction fees. Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform, and Signet is the first such platform to be approved for use by the NYS Department of Financial Services.
The Davis Polk corporate team included partner John B. Meade, counsel Vidal Vanhoof and associates Rahul K. Patel, Michael F. Power and Tomislava Dragicevic. 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.