Signature Bank (SBNY) Receives Preliminary Approval for $120 Million from the U.S. Department of Treasury
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Signature Bank (Nasdaq: SBNY) has been selected to receive $120 million in capital from the U.S. Department of Treasury's Capital Purchase Program, from the sale of senior preferred shares. This also includes 15% in warrants for the purchase of common stock. The Capital Purchase Program is only available to financially sound institutions.
The proceeds will be used to further strengthen Signature Bank's already strong capital position. Signature Bank's total risk-based capital ratio of 16.11 percent as of September 30, 2008 is significantly above the regulatory requirements of 10.0 percent designated to be considered a well-capitalized institution. With this new capital from the U.S. Department of Treasury, Signature Bank's total risk-based capital ratio would increase to more than 19.0 percent.
The anticipated sale of the preferred stock and warrants is expected to close within 30 days and is contingent upon completion of standard closing documents.
Signature Bank also announced it will continue participation in the FDIC Transaction Account Guarantee Program, which provides FDIC insurance coverage for all funds in non-interest bearing deposit accounts through December 31, 2009.[SM]
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