Esquire Financial Holdings Raises $19.1 Million Through Private Placement
Parent of Esquire Bank to Use Proceeds to Build on Leadership in Legal Sector
NEW YORK, Aug. 18, 2015 /PRNewswire/ -- Esquire Financial Holdings, Inc., the holding company for Esquire Bank, a leading provider of financial services to the legal industry, announced today that it has raised $19.1 million through a private placement of its common stock at $12.50 per share. Investors include existing and new shareholders, family offices, and private equity firms. The proceeds will be used to support Esquire Bank's continued strong growth and for other general corporate purposes.
"We are very pleased with the success of this capital raise and the confidence expressed from our new and existing investors," said Dennis Shields, Executive Chairman. "The additional capital will allow us to continue to grow organically with a focus on our strategic initiatives."
This announcement underscores the strength of the Company's banking model. "We have experienced strong core deposit growth over the past several years while maintaining excellent credit quality and a strong balance sheet," stated Andrew C. Sagliocca, President and Chief Executive Officer. "We are committed to delivering unparalleled banking services to the legal industry and the business communities we serve."
The Company also announced that its banking subsidiary, Esquire Bank, has converted from a federal savings bank to a national bank. In connection with the charter conversion, the Company has converted from a savings and loan holding company to a bank holding company.
"We believe the national bank charter is a better platform for our business model and will allow us to continue to grow and enhance our commercial business," added Sagliocca. "Since our focus is commercial banking, we expect that the Company and its shareholders will benefit from comparing Esquire to a peer group of banks, rather than thrifts."
The conversion to a national bank charter has no effect on Esquire Bank's customers. Depositors will continue to be insured by the FDIC to the fullest extent permitted by law. Esquire Bank will continue to be regulated by the Office of the Comptroller of the Currency and the Company will continue to be regulated by the Federal Reserve Board.
About Esquire Financial Holdings, Inc.
Esquire Financial Holdings, Inc. is the bank holding company for Esquire Bank, N.A., a full service commercial bank dedicated to serving the financial needs of the legal industry as well as commercial and retail customers in the New York Metro market. Esquire's expertise, focus and strong capital base provide a solid foundation to meet our clients' needs. The bank offers tailored products and solutions to the legal community and their clients. Esquire is headquartered in Garden City, N.Y. and has offices in New York City and Palm Beach, Florida. For more information, visit www.esquirebank.com.
Forward Looking Statements/Safe Harbor Provision
This release contains "forward-looking statements" that are based on assumptions and may describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by the use of the words "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, regional and national economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area, ability to operate new branch offices and loan production offices profitably and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
SOURCE Esquire Financial Holdings, Inc.
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