New York-based commercial bank Signature Bank on Tuesday (Jan. 18) unveiled the pricing for its underwritten offering of 2.1 million shares of common stock at $352 per share.
The bank has also given underwriters a 30-day option to purchase up to 315,000 more shares of common stock. It intends to invest the proceeds from the offering back into itself, according to the company announcement on Wednesday (Jan. 19).
Goldman Sachs & Co. LLC, Morgan Stanley and Jefferies are acting as bookrunners in the offering, which is expected to close Thursday (Jan. 20), subject to closing conditions.
Related: Boston FinTech Circle Teams With NYC’s Signature Bank
Signature Bank is the lead financial institution for Boston-based FinTech Circle and has held reserve deposits since the partnership was announced in mid-April.
Signature Bank’s duty is to “hold billions of dollars in reserve deposits related to USD Coin (USDC),” the digital dollar stablecoin, per the announcement.
The two firms are also planning to integrate Circle into Signet, Signature Bank’s blockchain-based digital payments platform that enables real-time payments.
Also read: Nubank Goes Public at $41.5B Valuation with LatAm Growth on Horizon
In December, Brazilian FinTech Nubank announced that its valuation reached $41.5 billion, higher than the country’s largest bank, Itaú Unibanco. That figure makes the startup the most valuable listed financial institution in South America.
Nubank is expanding into Mexico and Colombia, steps it is taking to expand its reach across Latin America, said David Vélez, founder and chief executive.
Nubank started as a no-annual-fee credit card company. It has almost 50 million mobile app-based users for its savings accounts, business loans, insurance and investment products.
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