TriState Capital launches $35 million fixed-to-floating preferreds

By Abigail W. Adams

Portland, Me., March 13 – TriState Capital Holdings, Inc. launched an offering of $35 million of perpetual fixed-to-floating rate series A non-cumulative preferred stock which is expected to price later in the week, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The preferred stock will be sold as $25-par depositary shares representing 1/40th of an interest in the series A preferred stock.

Sandler O’Neill + Partners, LP is the sole bookrunner for the offering, which carries a greenshoe of $5.25 million.

The preferred stock will carry a fixed dividend until a specified date in 2023 when it will switch to a floating rate of Libor plus a to-be-determined credit spread.

Dividends will be paid quarterly as declared by the board of directors.

The preferred stock is redeemable in whole or in part beginning on a specified date in 2023.

They may also be redeemed in whole 90 days after a regulatory capital treatment event. There are no put options.

The depositary shares will be listed for trade on Nasdaq.

Proceeds will be used for general corporate purposes and selective asset management acquisitions.

TriState Capital Holdings is a Pittsburgh-based bank for middle market companies and commercial real estate entities.

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