Prospectus excerpt:  Signature Bank 5.00% Depositary Shares each representing a 1/40 interest in a share of the Non-cumulative Perpetual Series A Preferred Stock , liquidation preference $25 per Depositary share, redeemable at the issuer's option on or after 12/15/2025 at $25 per Depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.00% per annum ($1.25 per annum or $0.3125 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 68 of the prospectus for further information).