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Illinois-based Signature Bank's parent closes $15M private placement of notes

Rosemont, Ill.-based Signature Bancorp. Inc. closed a $15 million private placement of its fixed- to floating-rate subordinated notes due June 1.

The company plans to use the additional capital to fund unit Signature Bank's growth in the Chicago market, to repay existing revolving line of credit and for general corporate purposes.

The notes will initially bear an interest rate of 5.95% for five years, after which the interest rate will equal three-month LIBOR rate plus 300 basis points, payable quarterly.

Sandler O'Neill & Partners LP acted as sole placement agent and was represented by Silver Freedman Taff & Tiernan LLP. Vedder Price PC served as legal counsel for the offering.