NEW YORK--(BUSINESS WIRE)--Aug. 16, 2018--
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial
bank, announced today that its Board of Directors has approved the
repurchase from time to time in open market transactions of up to $500
million of common stock (the “Stock Repurchase Program”) and that the
Bank will seek stockholder approval of the Stock Repurchase Program at a
special meeting of stockholders. Under applicable New York law, the
Stock Repurchase Program must be approved by holders of at least
two-thirds of the outstanding common stock.
The record date for determination of shareholders entitled to vote at
the special meeting is September 4, 2018. The special meeting will be
held on or about October 17, 2018 in New York City. A proxy statement
with more information about the special meeting will be sent to
shareholders of record following the record date.
The Stock Repurchase Program is also subject to approval by the Federal
Deposit Insurance Corporation and the Department of Financial Services
of the State of New York. The Bank expects to file applications seeking
such approval prior to the special meeting. Implementation of the Stock
Repurchase Program is subject to any limitations imposed in connection
with obtaining the regulatory approvals described above and to market
conditions. Once commenced, the Bank may terminate the Stock Repurchase
Program at any time.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial
bank with 30
private client offices throughout the New York metropolitan area,
including those in Manhattan, Brooklyn, Westchester, Long Island,
Queens, the Bronx, Staten Island and Connecticut. In 2018, the Bank
expanded its footprint on the West Coast with the opening of its first
full-service private client banking office in San Francisco. 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
Since commencing operations in May 2001, the Bank has grown to $45.22
billion in assets, $34.15 billion in loans, $34.99 billion in deposits,
$4.15 billion in equity capital and $3.49 billion in other assets under
management as of June 30, 2018. Signature Bank's Tier 1 and risk-based
capital ratios are significantly above the levels required to be
considered well capitalized.
Signature Bankis ranked the 40th largest bank in the
U.S. from nearly 6,000, based on deposits (SNL Financial). The
Bank recently earned several third-party recognitions, including:
appeared on Forbes'
Best Banks in America list for the eighth consecutive year in 2018;
named Best Private Bank and Best Attorney Escrow Services provider and
among the top three Best Business Banks for the eighth consecutive year
by the New
York Law Journal in the publication’s annual
Best of Reader survey; and, cited in the top three of the
nation's best private banking services providers in the 2017
Best of The National Law Journal reader rankings.
For more information, please visit www.signatureny.com.
This press release and oral statements made from time to time by our
representatives contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 that are subject
to risks and uncertainties. You should not place undue reliance on those
statements because they are subject to numerous risks and uncertainties
relating to our operations and business environment, all of which are
difficult to predict and may be beyond our control. Forward-looking
statements include information concerning the Stock Repurchase Program,
our future results, interest rates and the interest rate environment,
loan and deposit growth, loan performance, operations, new private
client teams and other hires, new office openings and business strategy.
These statements often include words such as "may," "believe," "expect,"
"anticipate," "intend," “potential,” “opportunity,” “could,” “project,”
“seek,” “should,” “will,” “would,” "plan," "estimate" or other similar
expressions. As you consider forward-looking statements, you should
understand that these statements are not guarantees of performance or
results. They involve risks, uncertainties and assumptions that could
cause actual results to differ materially from those in the
forward-looking statements and can change as a result of many possible
events or factors, not all of which are known to us or in our control.
These factors include but are not limited to: (i) prevailing economic
conditions; (ii) changes in interest rates, loan demand, real estate
values and competition, any of which can materially affect origination
levels and gain on sale results in our business, as well as other
aspects of our financial performance, including earnings on
interest-bearing assets; (iii) the level of defaults, losses and
prepayments on loans made by us, whether held in portfolio or sold in
the whole loan secondary markets, which can materially affect charge-off
levels and required credit loss reserve levels; (iv) changes in monetary
and fiscal policies of the U.S. Government, including policies of the
U.S. Treasury and the Board of Governors of the Federal Reserve System;
(v) changes in the banking and other financial services regulatory
environment; (vi) competition for qualified personnel and desirable
office locations and (vii) the requirements to obtain stockholder and
regulatory approval of the Stock Repurchase Program. Although we believe
that these forward-looking statements are based on reasonable
assumptions, beliefs and expectations, if a change occurs or our
beliefs, assumptions and expectations were incorrect, our business,
financial condition, liquidity or results of operations may vary
materially from those expressed in our forward-looking statements.
Additional risks are described in our quarterly and annual reports filed
with the FDIC. You should keep in mind that any forward-looking
statements made by Signature Bank speak only as of the date on which
they were made. New risks and uncertainties come up from time to time,
and we cannot predict these events or how they may affect the Bank.
Signature Bank has no duty to, and does not intend to, update or revise
the forward-looking statements after the date on which they are made. In
light of these risks and uncertainties, you should keep in mind that any
forward-looking statement made in this release or elsewhere might not
reflect actual results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180816005417/en/
Source: Signature Bank
Eric R. Howell, 646-822-1402
Vice President – Corporate & Business Development
Susan J. Lewis, 646-822-1825