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Signature Bank (Nasdaq: SBNY), a New York-based full service commercial bank, announced today the completion of its underwritten public offering of 29.2 million depositary shares, each representing a 1/40th interest in a share of 5.000% Noncumulative Perpetual Series A Preferred Stock, at a public offering price of $25.00 per depositary share. The depositary shares sold in the offering included 1.2 million depositary shares sold pursuant to the underwriters’ option to purchase additional depositary shares to cover over-allotments.
The net proceeds to Signature Bank from the offering were approximately $708 million, after the deduction of offering expenses. The Bank intends to use the proceeds from the offering for general corporate purposes.
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