DALLAS, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, N.A., announced that it has priced an underwritten public offering of 12,000,000 depositary shares, each representing a 1/40th ownership interest in a share of its 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per share, with a liquidation preference of $1,000 per share of preferred stock (equivalent to $25 per depositary share) at an aggregate offering price of $300 million. The offering is expected to close on March 3, 2021, subject to customary closing conditions. Texas Capital Bancshares, Inc. also has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 depositary shares from Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. intends to use the net proceeds of the offering for general corporate purposes. Texas Capital Bancshares, Inc. intends to also use a portion of the net proceeds from the offering, together with cash on hand, to redeem, in whole or in part and subject to receipt of all applicable regulatory approvals, its 6.50% non-cumulative perpetual preferred stock, series A (“Series A Preferred Stock”). Texas Capital Bancshares, Inc. has applied to list the depositary shares on the Nasdaq Stock Market under the symbol “TCBIO.”
Morgan Stanley & Co. LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and UBS Securities LLC acted as joint book-running managers for the offering.
About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank, N.A., a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. Headquartered in Dallas, the bank has full-service locations in Austin, Dallas, Fort Worth, Houston and San Antonio. Member FDIC.
