Signature Bank Announces Special Meeting of Stockholders to Approve Stock Repurchase Program
August 16 2018 - 10:27AM
Business Wire
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 services.
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 Bank is 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180816005417/en/
Signature BankInvestor
Contact:Eric R. Howell, 646-822-1402Executive
Vice President – Corporate & Business
Developmentehowell@signatureny.comorMedia
Contact:Susan J. Lewis,
646-822-1825slewis@signatureny.com
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