TCBI - Texas Capital Bancshares prices $300M preferred stock offering

Texas Capital Bancshares (TCBI) priced an underwritten public offering of 12M depositary shares, each representing a 1/40th 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 $300M.Underwriters granted 30-day option to purchase up to an additional 1.8M depositary shares.Proceeds to be used for general corporate purposes and along with cash on hand to be used for redeeming in whole or in part its 6.50% non-cumulative perpetual preferred stock, series A.Offer expected to close on Mar.3.

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Texas Capital Bancshares prices $300M preferred stock offering