Jericho-based Esquire Bank, a small, fast-growing financial company that provides loans and other bank services to law firms, plans to go public in an initial public offering, according to a registration filing.
Esquire’s stock would trade on the Nasdaq Capital Market. In its preliminary filing to the Securities and Exchange Commission, Esquire didn’t indicate how many shares it would sell or what the price would be.
Esquire moved its headquarters to 100 Jericho Quadrangle earlier this year from Garden City. It still operates a branch at 320 Old Country Rd. in Garden City. It also has an administrative office in Palm Beach Gardens, Florida, according to its website.
The IPO filing comes as the number of publicly traded companies on Long Island and in the nation has declined in recent years. For example, there were 99 public companies based here in 2003. That number dropped to 56 by the end of 2013.
Nationally, the number of IPOs dropped in 2016, according to tax and advisory services provider EY, which said year-over-year deal volume dropped 36 percent to 112 IPOs. London-based EY, formerly Ernst & Young, said heightened global political and economic uncertainty led to the lowest IPO levels since the financial crisis of 2008.
EY also said it was bullish on an IPO rebound in 2017.
Earlier this year, Bethpage-based Altice USA, which was formed after global telecom giant Altice N.V. bought Cablevision in 2016, filed to go public. Altice owns 25 percent of Newsday Media Group.
Esquire focuses on providing bank services to law firms that litigate mass torts, class actions, commercial, employment, product liability, personal injury and other litigation cases, according to the bank’s regulatory filing.
Esquire’s year-over-year net income rose 27 percent to $815,000 for the quarter ended March 31.
It had $438 million in assets, and deposits of $383 million as of March 31.
The bank also has $291 million in loans outstanding, according to the filing. The bank’s loans increased 23 percent from a year earlier during the quarter.
The bank said in the filing it would use proceeds from an initial public offering to expand its loan portfolio, finance potential acquisitions and for general corporate purposes.