Esquire Financial (ESQ) said Thursday it has agreed to acquire Signature Bancorp.
Under the terms of the deal, shareholders of Signature will receive a fixed exchange ratio of 2.63 shares of Esquire for each Signature share they held. The per-share value equates to $260.48 for Signature shareholders, or about $348.4 million in aggregate transaction value, based on the closing price of Esquire's common stock on March 11.
The deal, set to close in Q3, is expected to be about 11% accretive to Esquire's tangible book value.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.