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Esquire Bank plans to raise up to $47.1 million in IPO

Esquire Bank's headquarters at 100 Jericho Quadrangle in

Esquire Bank's headquarters at 100 Jericho Quadrangle in Jericho. Photo Credit: Mojo Stumer Associates

The parent company of Esquire Bank and its shareholders plan to sell up to $47.1 million of common stock in an initial public offering, the Jericho-based bank said on Tuesday.

Esquire Financial Holdings Inc. said it and shareholders planned to sell 2.56 million shares at a price of $14 to $16. Underwriters could sell another 384,000 shares from Esquire.

Esquire did not say when the stock would be sold.

Esquire’s shares are expected to trade on the Nasdaq Capital Market under the ticker ESQ.

The bank is a small, fast-growing financial company that provides loans and other bank services to law firms. It had $438 million in assets, and deposits of $383 million, as of March 31.

Esquire’s year-over-year net income rose 27 percent to $815,000 for the quarter ended March 31.

The bank said in a filing that it would use the proceeds from the IPO to expand its loan portfolio, finance potential acquisitions and for general corporate purposes.

Separately, Bethpage-based Altice USA said earlier this month that it and two of its shareholders plan to raise at least $1.26 billion in an IPO. Altice, which owns 25 percent of Newsday Media Group, recently announced plans to move its headquarters to Long Island City, Queens, and keep a major operation here.

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.

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