10 hours ago
MarketBeat
Sun, March 15, 2026 at 9:03 PM EDT 6 min read
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Esquire will acquire Signature in a 100% stock-for-stock deal with a base exchange ratio of 2.63 Esquire shares per Signature share (implying ~$260/share) for an aggregate transaction value just shy of $350 million, and Signature shareholders would own about 28% of the combined company; the deal targets closing in Q3 2026 subject to approvals.
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The acquisition is intended to expand Esquire’s footprint into Chicago and diversify its balance sheet by operating Signature as “Signature, a division of Esquire Bank,” keeping the Signature brand and key executives to run the Midwest business while assuming modest cost savings (~5%).
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Management projects the deal will be financially accretive—about 23% accretion to 2027 EPS and 11% to tangible book value—with pro forma assets of ~$4.8 billion; the exchange ratio can adjust within 2.50–2.80 based on recoveries on $70 million of criticized “Schedule A” loans.
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Executives of Esquire Financial (NASDAQ:ESQ) outlined plans to acquire Signature Bancorporation, Inc. in a stock-for-stock transaction that management said would expand the company’s footprint into the Chicago market, diversify its balance sheet, and increase scale for its national commercial litigation banking vertical.
On the conference call announcing the deal, Esquire Vice Chairman, Chief Executive Officer, and President Andrew Sagliocca described Signature as a “premier Chicago commercial banking franchise” with a relationship-based operating philosophy similar to Esquire’s. Sagliocca said Chicago is a key growth market for Esquire’s national litigation vertical and also a driver of Signature’s commercial growth.
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Esquire plans to operate Signature as a division of Esquire while keeping the Signature name after closing, branding it as “Signature, a division of Esquire Bank.” Sagliocca characterized the deal as an out-of-market acquisition (Esquire based in New York; Signature in Chicago) and said the company assumed “minimal cost savings” of about 5%, primarily from technology and back-office consolidation.
Management said the acquisition will be funded with 100% common stock. The base exchange ratio is 2.63 shares of Esquire for each Signature share, implying an equivalent price of $260 per Signature share and an aggregate transaction value “just shy of $350 million.” Under the base ratio, Signature shareholders would own 28% of the combined company, with Esquire shareholders owning 72%.
