TriState Capital plans to sell fixed-to-floating perpetual preferreds

By James McCandless

San Antonio, May 21 – TriState Capital Holdings, Inc. plans to price an offering of $25-par series B fixed-to-floating rate non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are the joint bookrunners.

Co-managers are B. Riley FBR, Inc., Boenning & Scattergood, Inc. and Stephens Inc.

The preferreds are redeemable on or after July 1, 2024. Prior to that, they are redeemable within 90 days after a regulatory capital treatment event.

The dividend is fixed until July 1, 2026, then converts to a floating rate of Libor plus a spread.

TriState Capital plans to use the proceeds for general corporate purposes, potentially including repurchases of its common stock, future acquisitions, its working capital needs and investments in its subsidiaries.

The company plans to list the preferreds on the Nasdaq under the symbol “TSCBP.”

TriState Capital is a Pittsburgh-based bank holding company.

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