Texas Capital Bancshares, Inc. Announces Pricing of $300 Million Series B Preferred Stock Offering

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 1/40^th 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.

The offering is being made pursuant to an effective shelf registration statement, including a prospectus and prospectus supplement, filed by Texas Capital Bancshares, Inc. with the Securities and Exchange Commission (“SEC”). Investors should read the prospectus together with the documents incorporated by reference and the applicable prospectus supplement carefully before investing in the securities described in the applicable prospectus supplement. These documents may be obtained for free by visiting the SEC website at www.sec.gov. You may also request these documents from Texas Capital Bancshares, Inc. by telephone at [phone] or in writing at: Texas Capital Bancshares, Inc., Attention: Investor Relations, 2000 McKinney Avenue, Suite 700, Dallas, Texas 75201; Morgan Stanley & Co. LLC (180 Varick Street, New York, NY 10014, Attention: Prospectus Department, Telephone: [phone] or by email at [e-mail]); BofA Securities, Inc. (Attention Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255, Telephone: [phone] or by email at [e-mail]); Goldman Sachs & Co. LLC (Prospectus Department, 200 West Street, New York, NY 10282, Telephone: [phone] or by email at [e-mail]); J.P. Morgan Securities LLC (Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: [phone]), or by email at [e-mail]); and UBS Securities LLC (Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at [phone]).