Signature Bank Principal Shareholder To Sell Up To All Its Remaining Ownership Interest In Public Offering
NEW YORK--(BUSINESS WIRE)--March 14, 2005--Signature Bank (Nasdaq:SBNY), a New York-based full-service commercial bank, announced today that its principal shareholder, Hapoalim U.S.A. Holding Company, Inc., a subsidiary of Israel's Bank Hapoalim, intends to sell up to all of its remaining ownership interest in Signature. The sale is expected to be made through a public offering of common stock, subject to market conditions and other factors, including regulatory approval.
Friedman, Billings, Ramsey & Co., Inc. and Lehman Brothers Inc. are expected to act as co-lead managers in the offering. William Blair & Company, LLC, Oppenheimer & Co. Inc., and Sandler O'Neill & Partners L.P. are expected to act as co-managers.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful. The common stock offering may be made only by means of an offering circular, copies of which may be obtained by contacting Friedman, Billings, Ramsey & Co., Inc. 1001 19th Street, Suite 1800, Arlington, VA 22209. The securities are neither insured nor approved by the FDIC.
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 12 locations throughout the New York metropolitan area serving the needs of privately owned business clients, their owners and senior managers through dozens of client and investment groups. Since commencing operations in May 2001, the Bank has grown to approximately $3.4 billion in assets, $2.6 billion in deposits, $338.9 million in equity capital and approximately $955 million in other assets under management as of December 31, 2004.
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. Forward-looking statements include information concerning our future results, operations and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," "plan," "estimate" or 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. These factors include but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values, and competition, which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance; and (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. Additional factors are described in our quarterly and annual reports.
You should keep in mind that any forward-looking statement made by Signature Bank speaks 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.
Eric R. Howell
Chief Financial Officer
(646) 822-1402 or firstname.lastname@example.org
Susan J. Lewis
(303) 804-0494 or email@example.com