Posts for Ticker ‘SBNY’

Signature Bank Defies Trends of Peers (SBNY)

Signature_bank_logo_2Signature Bank (NASDAQ: SBNY) shares are doing something unusual, rallying on a secondary offering.  On September 2, Signature announced that it was selling 3.5 million shares and would give underwriters a 525,000 over-allotment option.  That morning it was at $29.00.  Now, the compan announced early this morning that it priced those shares at $29.00 after closing at $30.07 yesterday.  The demand was very high as it ended up selling a total of 4.7 million shares and gave the underwriters a 700,000 share over-allotment option.

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Posted on: September 9, 2008 – 9:11 am in Banking, Financial Stocks, Secondary Offering,