Signature Bank announces special meeting to approve stock buyback program
Signature Bank announced that its Board of Directors has approved the repurchase from time to time in open market transactions of up to $500M of common stock and that the Bank will seek stockholder approval of the Stock Repurchase Program at a special meeting of stockholders. Under applicable New York law, the Stock Repurchase Program must be approved by holders of at least two-thirds of the outstanding common stock. The record date for determination of shareholders entitled to vote at the special meeting is September 4, 2018. The special meeting will be held on or about October 17, 2018 in New York City. A proxy statement with more information about the special meeting will be sent to shareholders of record following the record date. The Stock Repurchase Program is also subject to approval by the Federal Deposit Insurance Corporation and the Department of Financial Services of the State of New York. The Bank expects to file applications seeking such approval prior to the special meeting.