ESQ News & Events

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 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.

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."