Signature Bank Completes Public Offering (Business Wire)

Mon, 8 Jun 2009 18:00:00 Etc/GMT

Signature Bank’s capital ratios are amongst the strongest in the industry:

Proceeds from this offering will be used to continue the Bank’s growth in serving its niche market of privately owned businesses in the metro-New York area.

“With a healthy, well-structured balance sheet that is anchored by one of the strongest capital bases in the industry, Signature Bank is well positioned to further solidify its leadership standing in this marketplace. Our unwavering commitment to the Bank’s depositor-focused model has allowed us to not only survive in these turbulent times but to actually thrive in them,” said Joseph J. DePaolo, President and Chief Executive Officer.

“This additional capital will help foster the Bank’s growth. We continue to take advantage of the disjointed financial services marketplace by attracting and recruiting highly talented private client banking teams who recognize that at Signature Bank, they can serve as the single point of contact for their clients. Here, they are armed with the necessary tools and afforded the appropriate level of autonomy to manage their client base and to meet all their needs,” DePaolo explained.

“This equity raise further strengthens the Bank’s capital position, which was already among the strongest in the industry. Over the past nine months, the Bank has raised more than $275 million in capital between this offering and the one we completed in September 2008 for $148 million. With our tangible, Tier 1 and risk-based capital ratios now further in excess of what is deemed well-capitalized, Signature Bank has solidified its position as a safe, strong institution – one that can weather the ups and downs of uncertain economic times,” said Scott A. Shay, Chairman of the Board.

Merrill Lynch and & Co., Inc. acted as sole book-running manager in Signature Bank’s offering. FBR Capital Markets served as co-lead manager.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 22 private client offices located in the New York metropolitan area, serving the needs of privately owned businesses, their owners and senior managers through dozens of private client groups. The Bank offers a wide variety of business and personal banking products and services as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC.

Signature Bank's 22 offices are located throughout the metropolitan New York area. In Manhattan - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South and 1020 Madison Avenue. Brooklyn - 26 Court Street; 84 Broadway and 6321 New Utrecht Avenue. Westchester - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island - 1225 Franklin Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 68 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck and 100 Jericho Quadrangle, Jericho. Queens - 36-36 33rd Street, Long Island City and 78-27 37th Avenue, Jackson Heights. Bronx - 421 Hunts Point Avenue, Bronx. Staten Island - 2066 Hylan Blvd.

Since commencing operations in May 2001, the Bank has grown to $7.43 billion in assets, $5.84 billion in deposits, $581.5 million in equity capital and $2.48 billion in other assets under management as of March 31, 2009. Signature Bank’s Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.

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. Forward-looking statements include information concerning the public offering and the use of the proceeds there from, our future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, capitalization, new private client team hires, new office openings, the regulatory environment and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," "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. These factors include but are not limited to: (i) prevailing economic and regulatory 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; (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; and (iv) competition for qualified personnel and desirable office locations. Additional risks are described in the offering circular relating to the offering and 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.

Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Chief Financial Officer
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com

source: http://biz.yahoo.com/bw/090608/20090608006123.html?.v=1

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