$112.350
-1.741 (-1.55%)At close
ESQ News
ESQ Events
Signature Merger Expected to Close on August 1, 2026
"The timely closing of our Signature merger currently scheduled for August 1, 2026 will deliver enhanced value to all stakeholders while accelerating our growth in Chicago and the Midwest markets in the future," stated Tony Coelho, Chairman of the Board. "Chicago represents one of the top three largest metro markets by both population and number of contingent fee law firms with New York City and Los Angeles rounding out the top three metro markets."
Esquire Financial and Signature Bank Merger Receives Shareholder Approval
Esquire Financial Holdings, the parent company of Esquire Bank, National Association and Signature Bancorporation, the parent company of Signature Bank, announced the receipt of their respective stockholder approvals in connection with the proposed merger of Signature with and into Esquire. On June 9, Esquire and Signature issued a joint press release announcing the receipt of all required regulatory approvals for the proposed merger. Having received all required regulatory and stockholder approvals, the closing of the proposed merger is anticipated to be completed in the Q3, subject to the satisfaction or waiver of the remaining customary closing conditions.
Esquire Financial and Signature Bank Finalizes Merger Exchange Ratio
Esquire Financial and Signature Bancorporation, the parent company of Signature Bank, announced the final exchange ratio for the proposed merger based on Signature's sale of all Schedule A Loans. Under the terms of the merger agreement, Signature shareholders were to receive 2.630 shares of Esquire common stock for each share of Signature common stock they own based on the aggregate sale proceeds received by Signature on the sale of four loans, which loans totaled approximately $70M. Based on Signature's Schedule A Loan sales and related recovery rate of approximately 62.0%, shares of Signature's common stock will be converted into the right to receive 2.671 shares of Esquire stock at the close of the merger. Esquire pro forma financial information assumed a Schedule A Loan recovery rate of 50% and an associated exchange ratio of 2.630, vs. actual recovery rate of 62.0% and associated exchange ratio of 2.671. The closing of the proposed merger remains subject to the approvals of Esquire stockholders and Signature shareholders and certain other customary closing conditions.
Esquire Reports Q1 Revenue of $40.5M, Signature Merger Fuels Future Growth
Reports Q1 revenue $40.5M vs. $33.8M last year. Q1 net interest margin increased 8 basis points year-over-year to 6.04%. Book value per share was $34.88 from $33.86 in the previous quarter. Common equity tier 1 and tangible common equity to tangible assets ratios were 14.25% and 12.44%, respectively. "Coupling our disciplined balance sheet management, unique business model and industry leading growth and performance with a continued investment in resources and technology has served as the catalyst for our transformational strategic acquisition of Signature," stated Tony Coelho, Chairman of the Board. "This merger positions the combined entity for continued, and potentially accelerated, unprecedented future growth and success." "The Signature merger creates the next foothold in one of the top three largest metro markets by both population and number of contingent fee law firms - the New York, Los Angeles, and Chicago metro areas," stated Andrew Sagliocca, CEO. "We are now focused on rolling up our sleeves to ensure a flawless, low-risk integration of Signature's clients and people, while continuing to serve our legacy clients with the dedication they deserve, as well as focusing on our safe and sound growth and performance stakeholders have come to expect from Esquire."
Esquire Financial to Acquire Signature Bancorporation
Esquire Financial and Signature Bancorporation have entered into a definitive merger agreement, pursuant to which Esquire will acquire Signature in an all-stock transaction. The combined company will have approximately $4.8B in assets at closing, joining Esquire's established national verticals with Signature's established Chicago commercial banking franchise, enhancing our continued industry leading performance and growth metrics. Pro forma calculations of the combined company indicate GAAP EPS accretion of 23% for Esquire in 2027 with no associated revenue enhancement in the pro forma calculations. The transaction is approximately 11% accretive to Esquire's Tangible Book Value. The transaction only assumes 5% cost savings. Each of the combined company's and bank's board of directors will consist of eleven directors, including nine directors from Esquire and two directors from Signature. Signature's top three executives have entered into new employment agreements and will oversee commercial business development opportunities and operations in the Chicago market. Shareholders of Signature will receive a fixed exchange ratio of 2.63 shares of Esquire common stock for each share of Signature common stock. The per share value equates to $260.48, or approximately $348.4M in aggregate transaction value. The transaction is anticipated to close in Q3, pending regulatory approvals.
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.