Jericho, NY-based Esquire Financial Holdings, Inc., the parent company of Esquire Bank, will acquire Signature Bancorporation in an all-stock transaction valued at $348 million. The combined company will have approximately $4.8 billion in assets at closing, combining Esquire’s established national verticals with Rosemont, IL-based Signature’s established Chicago commercial banking franchise.
“This merger is compelling on multiple levels,” said Andrew C. Sagliocca, vice chairman, CEO and president of Esquire. “Financially, it enhances our operating profile, expands our resources, and diversifies our balance sheet while maintaining a robust capital position for continued expansion in our unique national litigation platform. Strategically, the combination brings together two institutions with highly complementary commercial banking operations and capabilities. Most importantly, it unites two highly talented management teams with deep client relationships and strong market expertise.”
Signature Bank Chicago’s top three executives, including current CEO Michael G. O’Rourke, will oversee commercial business development opportunities and operations in the Chicago market. Post-merger, Signature will continue functioning as a division of Esquire.
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