Investment Banking - TriState Capital Holdings, Inc.

Transactions | Banking

Client: TriState Capital Holdings, Inc.
Industry: Banking
Transaction Type: Preferred Stock Offering
Role: Co-Manager

  • TriState Capital Holdings, Inc. (Nasdaq:TSC) (“TriState Capital”) 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. 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.
  • TriState Capital 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, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share). The Notes are rated BBB- (Kroll Bond Rating Agency).
  • 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.
  • Boenning served as a co-manager in the offering.