Esquire Financial Holdings, Jericho, N.Y., is acquiring Chicago-based Signature Bancorporation for nearly $350 million. .The deal is expected to close in the third quarter. Esquire Financial is the parent company of Esquire Bank. Signature Bancorporation is the parent company of Signature Bank. The combined bank is expected to have $4.8 billion in assets. The merger diversifies Esquire’s balance sheet while keeping a strong capital position to expand its national litigation platform, said CEO and President Andrew Sagliocca. The deal is expected to reduce Esquire’s litigation vertical loan and funding concentrations to below 50 percent from 70 percent. Signature Bank specializes in commercial and commercial real estate banking in Chicagoland. "Signature's leadership in the attractive Chicago market, best-in-class management team, and exceptional core funding provide Esquire with a strong platform for continued growth and expansion in the country's third largest metropolitan area and one of the nation's largest legal markets,” he added.The combined board will consist of 11 directors, nine of whom from Esquire and two from Signature. Minneapolis-based Piper Sandler & Co. is financial adviser to Esquire, while Luse Gorman, Washington, D.C., is legal advisor. St. Petersburg, Fla.-based Raymond James & Associates is financial adviser to Signature, with Chicago-based Vedder Price P.C. as legal adviser.
