Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced today that it
has commenced a public offering of 3.5 million shares of its common
stock.
Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC will serve as sole
underwriter for this offering. The underwriter will have a 30-day option
to purchase up to an additional 15 percent of the offered amount of
common stock from Texas Capital to cover over-allotments, if any.
The net proceeds of the offering will be used for general corporate
purposes and to increase Texas Capital’s strong base of tangible common
equity.
After completion of an evaluation of Texas Capital’s capital position
and discussions with our primary regulators, we have stated our
intention to redeem all of the shares of our Series A Preferred Stock
issued to the U.S. Treasury Department pursuant to the TARP Capital
Purchase Program. The proposed redemption will be made with available
cash resources at Texas Capital. In addition, we may purchase the
warrant issued to the Treasury as part of the TARP Capital Purchase
Program. There can be no assurance of when the Series A Preferred
Stock can be redeemed or if the related warrant will be repurchased in
connection with the redemption.
“With the consummation of this offering, we will be well positioned to
continue to follow our quality growth strategy and to redeem the Capital
Purchase Program funds when permitted by the regulators,” said George
Jones, CEO. “We have a strong capital base and the potential to take
advantage of attractive opportunities within the Texas market.”
Texas Capital has filed a registration statement (including a
prospectus) with the SEC for the offering. Prospective investors should
read the prospectus in that registration statement, the preliminary
prospectus supplement and other documents that Texas Capital has filed
with the SEC for more complete information about Texas Capital and the
offering. Investors may get these documents for free by visiting EDGAR
on the SEC website at www.sec.gov.
Alternatively, Texas Capital, the underwriter or any dealer
participating in the offering will arrange to send investors the
prospectus if requested by contacting Fox-Pitt Kelton Cochran Caronia
Waller (USA) LLC, at 1-212-687-1105.
This news release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
ABOUT TEXAS CAPITAL BANCSHARES, INC.
Texas Capital Bancshares, Inc. (NASDAQ:TCBI) is the parent company of
Texas Capital Bank, a commercial bank that delivers highly personalized
financial services to businesses and private clients. Headquartered in
Dallas, the Bank has full-service locations in Austin, Dallas, Fort
Worth, Houston and San Antonio.
This news release may be deemed to include forward-looking statements,
such as statements that relate to the common stock offering and whether
or not Texas Capital will consummate the offering. Forward-looking
statements are Texas Capital’s current estimates or expectations of
future events or future results. A number of factors, many of which are
beyond Texas Capital’s control, could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements. These risks and uncertainties include the
risk of adverse impacts from general economic conditions, competition,
interest rate sensitivity and exposure to regulatory and legislative
changes. These and other factors that could cause results to differ
materially from those described in the forward-looking statements can be
found in the prospectus relating to the offering and the Annual Report
on Form 10-K and other filings made by Texas Capital with the Securities
and Exchange Commission (SEC).
Texas Capital Bancshares, Inc.
Myrna Vance, 214-932-6646
myrna.vance@texascapitalbank.com
