TriState Capital Holdings, Inc. (NASDAQ:TSC) completed a private
placement of subordinated debt, raising $35 million in new capital.
The subordinated notes bear a fixed interest rate of 5.75% per annum and
mature on July 1, 2019. The proceeds qualify under federal regulatory
rules as Tier 2 capital for TriState Capital Holdings, the holding
company for TriState Capital Bank and Chartwell Investment Partners,
Inc. The proceeds will help fund continued growth and ensure that the
company and its bank subsidiary maintain their well-capitalized
positions, and may be used to invest in TriState Capital Bank and
Chartwell, and for other general corporate purposes.
“We’ve successfully deployed the proceeds from last year’s initial
public offering by executing our plans to acquire a thriving investment
management firm and profitably grow our core banking business,” Chairman
and Chief Executive Officer James F. Getz said. “Over our history, we’ve
successfully accessed new capital as needed to fund TriState Capital’s
expansion, attracting over $357 million to date including this
subordinated debt. This placement diversifies our sources of low-cost
capital and enables us to fund continued growth without dilution to
In anticipation of a subordinated debt offering, TriState Capital
recently obtained ratings from Kroll Bond Rating Agency. KBRA has
assigned investment grade ratings of BBB+ for TriState Capital Bank and
BBB for TriState Capital Holdings.
Stephens Inc. served as placement agent for the private offering to
certain accredited institutional investors.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any security and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offering would be unlawful.
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 has $2.5 billion in assets, as of March 31,
2014, and serves middle-market commercial customers through regional
representative offices in Pittsburgh, Philadelphia, Cleveland,
Princeton, 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
has $8.0 billion in assets under management, as of March 31, 2014, and
serves TriState Capital’s financial intermediary network and over 150
institutional clients. For more information, please visit http://investors.tristatecapitalbank.com.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking” statements related to
TriState Capital that can generally be identified as describing TriState
Capital’s future plans, objectives or goals. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results or outcomes to differ materially from those currently
anticipated. These forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. For further information about the factors that could affect
TriState Capital’s future results, please see the company’s most-recent
annual and quarterly reports filed on Form 10-K and Form 10-Q.
TriState Capital Holdings, Inc.
Horner, 267-932-8760, ext. 302
Gross, 267-932-8760, ext. 310
Brian Fetterolf, 412-304-0451
Source: TriState Capital Holdings, Inc.