Signature Bank Announces Public Stock Offering Pricing

Signature Bank, a New York-based commercial bank, announced the pricing for its underwritten offering of 2.1 million shares of common stock at $352 per share on Tuesday (Jan. 18).

Underwriters have a 30-day option to purchase up to 315,000 additional shares of common stock from the bank. According to the company’s announcement on Wednesday, it plans to reinvest the revenues from the offering (Jan. 19).

The offering’s bookrunners are Goldman Sachs & Co. LLC, Morgan Stanley, and Jefferies, and it is slated to close on Thursday (Jan. 20), subject to closing conditions.

Signature Bank, the Boston-based FinTech Circle’s principal banking institution, has held reserve deposits since the relationship was announced in mid-April.
According to the release, Signature Bank’s role is to “keep billions of dollars in reserve deposits associated to USD Coin (USDC),” the digital dollar stablecoin.

The two companies also intend to incorporate Circle into Signature Bank’s blockchain-based digital payments technology, Signet, which allows for real-time payments.