Business & Finance
Business and Finance
Business and Finance
Tue, January 20, 2009
Mon, January 19, 2009
Fri, January 16, 2009 Texas Capital Bancshares Issues $75 Million of Preferred Stock and Warrants under the U.S. Treasury?s Capital Purchase Program
DALLAS--([ BUSINESS WIRE ])--Texas Capital Bancshares, Inc. (NASDAQ: TCBI) completed the issuance of $75 million of perpetual preferred stock and related warrants under the U.S. Department of Treasury's voluntary Capital Purchase Program. The perpetual preferred stock will have a cumulative dividend of 5% per annum for five years and, unless redeemed, 9% thereafter. The warrants represent the right to purchase 758,086 shares of the Company's common stock at an initial exercise price of $14.84 per share.
In November 2008, the Company applied for up to $130 million of additional capital under the Program, and that application was approved. "In September we successfully raised $55 million in common equity and had capital ratios well above regulatory guidelines; therefore, we decided to accept $75 million under the Program," commented George Jones, president and CEO. "The two transactions add a total of $130 million in new equity capital, strengthening our position in a difficult economic environment and augmenting our strategic emphasis on organic growth through the addition of quality loan and deposit relationships."
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.
