Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced today that it
has priced a public offering of 4.0 million shares of common stock to
the public at $13.75 per share for total gross proceeds of approximately
$55 million. The Company expects to close the sale of the common shares
on May 8, 2009, subject to customary closing conditions. The underwriter
will have a 30-day option to purchase up to an additional 15% of the
offered amount of common stock from Texas Capital to cover
over-allotments, if any. Fox-Pitt Kelton Cochran Caronia Waller (USA)
LLC is serving as sole manager for the equity offering.
“We are extremely pleased to have raised the $52 million in additional
capital, especially in the current environment,” said George Jones, CEO.
“This capital gives us a pro forma tangible common equity to tangible
assets ratio of 8.72% as of March 31, 2009 and puts us in an excellent
position to take advantage of the opportunities in our marketplace.”
Texas Capital previously announced its intention to redeem all of the
shares of its Series A Preferred Stock issued to the U.S. Treasury
Department pursuant to the TARP Capital Purchase Program, using
available cash resources retained by the Company, after completion of an
evaluation of Texas Capital’s capital position and discussions with our
primary regulators. 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.
Texas Capital Bancshares has filed a registration statement (including a
prospectus) with the SEC for the offering. The offering is being made
only by means of a prospectus and related prospectus supplement.
Prospective investors should read the prospectus in that registration
statement, the related 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 web site at www.sec.gov.
