Esquire’s CEO and President Andrew C. Sagliocca speaks at an event honoring trial lawyers in September.
Photo by Ramy Mahmoud
New York’s Esquire Bank agreed to pay $348.4 in stock for the Chicago-based Signature Bank in a deal that will expand the law firm-based portfolio of the bank into the Midwest.
The deal will give Esquire a combined $4.8 billion in assets, and a foothold on an important new geographic market. According to Esquire, Chicago’s litigation market ranks as the fourth-largest in the country.
“Financially, it enhances our operating profile, expands our resources, and diversifies our balance sheet while maintaining a robust capital position for continued expansion in our unique national litigation platform. Strategically, the combination brings together two institutions with highly complementary commercial banking operations and capabilities,” Esquire’s CEO and President Andrew C. Sagliocca said in a written statement.
Esquire Bank is a full-service commercial bank that has specialized in serving the financial needs of plaintiff law firms for more than 20 years. The bank is tailored to support the longer cycles of plaintiff law firms’ contingent fee payouts. It’s geared to bear with irregular cash flows and to understand the value of these dockets. It offers options to finance up front case costs.
Signature, on the other hand, has a longstanding history of commercial and commercial real estate banking in the Windy City. With the merger, Esquire is hoping to add its legal expertise to Signature’s other commercial strengths. An Esquire spokesperson said it would continue to service Signature’s existing commercial client base in the Midwest.
The transaction will also diversify Esquire’s concentration in legal banking, bringing its funding concentrations from approximately 70% to below 50%.
“By bringing together Signature’s strong Midwest commercial banking franchise with Esquire’s national capabilities, we will have greater resources and expanded reach to support our clients as they grow,” Signature’s president Mick O’Rourke said in a statement.