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.