PITTSBURGH--(BUSINESS WIRE)--TriState Capital Holdings, Inc. (Nasdaq:TSC) announced the pricing of an underwritten public offering of 2,800,000 depositary shares, each representing a 1/40th interest in a share of its 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, no par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share). TriState Capital has granted the underwriters a 30-day option to purchase up to 420,000 additional depositary shares. In March 2018, TriState Capital completed an offering of $40.25 million of depositary shares, each representing a 1/40th ownership interest in a share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, no par value (the “Series A Preferred Stock”), with a liquidation preference of $1,000 per share of Series A Preferred Stock (equivalent to $25 per depositary share).
When, as, and if declared by the board of directors of TriState Capital, dividends will be payable on the Series B Preferred Stock from the date of issuance to, but excluding July 1, 2026 at a rate of 6.375% per annum, payable quarterly, in arrears, and from and including July 1, 2026, dividends will accrue and be payable at a floating rate equal to three-month LIBOR plus a spread of 408.8 basis points per annum, payable quarterly, in arrears, subject to potential adjustment as described in the prospectus supplement relating to the offering. TriState Capital may redeem the Series B Preferred Stock at its option, subject to regulatory approval, on or after July 1, 2024, as described in the prospectus supplement relating to the offering.
TriState Capital expects to use the net proceeds from the offering for general corporate purposes, potentially including repurchases of its common stock, future acquisitions, its working capital needs and investments in its subsidiaries. The offering is expected to close on May 29, 2019, subject to customary closing conditions.
Keefe, Bruyette & Woods, Inc., A Stifel Company, and Raymond James & Associates, Inc. are acting as joint book-running managers. B. Riley FBR, Boenning & Scattergood, Inc. and Stephens Inc. are acting as co-managers.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (Nasdaq:TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $6.3 billion in assets, as of March 31, 2019, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary had $9.7 billion in assets under management, as of March 31, 2019, and serves institutional clients and TriState Capital’s financial intermediary network.
