DALLAS, Texas, May 14, 2019 (GLOBE NEWSWIRE) -- Tectonic Financial, Inc., the parent company for T Bank, N.A., Tectonic Advisors, LLC and Sanders Morris Harris LLC, today announced that it has completed its initial public offering of 1,500,000 shares of its 9.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B preferred stock”) at a price to the public of $10.00 per share. The Series B preferred stock is expected to begin trading on the NASDAQ Capital Market within 30 days after the date of initial issuance under the symbol “TECTP.”

The underwriters have a 30-day option, which commenced May 10, 2019, to purchase up to 225,000 additional shares of Series B preferred stock at the initial public offering price less underwriting discounts.

Sandler O’Neill + Partners, L.P. acted as the lead book-running manager, Sanders Morris Harris LLC acted as joint book-running manager and American Capital Partners acted as co-manager. Tectonic Financial was represented by Hunton Andrews Kurth LLP. The underwriters were represented by Norton Rose Fulbright US LLP.