ESQ News & Events

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."

Esquire Financial and Signature Bancorporation have entered into a definitive merger agreement, pursuant to which Esquire will acquire Signature in an all-stock transaction. The combined company will have approximately $4.8B in assets at closing, joining Esquire's established national verticals with Signature's established Chicago commercial banking franchise, enhancing our continued industry leading performance and growth metrics. Pro forma calculations of the combined company indicate GAAP EPS accretion of 23% for Esquire in 2027 with no associated revenue enhancement in the pro forma calculations. The transaction is approximately 11% accretive to Esquire's Tangible Book Value. The transaction only assumes 5% cost savings. Each of the combined company's and bank's board of directors will consist of eleven directors, including nine directors from Esquire and two directors from Signature. Signature's top three executives have entered into new employment agreements and will oversee commercial business development opportunities and operations in the Chicago market. Shareholders of Signature will receive a fixed exchange ratio of 2.63 shares of Esquire common stock for each share of Signature common stock. The per share value equates to $260.48, or approximately $348.4M in aggregate transaction value. The transaction is anticipated to close in Q3, pending regulatory approvals.