Key Developments For Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (TCBI.O) (Nasdaq)
Texas Capital Bancshares Announces Approval To Repurchase Preferred Stock and Completion Of Public Offering of Common Stock
Texas Capital Bancshares announced that it has been approved to repurchase the preferred stock it sold to the U.S. Department of the Treasury in January 2009. The $75 million preferred stock was issued to the Treasury Department pursuant to the Capital Purchase Program (CPP) established under the Troubled Asset Relief Program (TARP). The Company will pay approximately $75.9 million to the Treasury to repurchase the preferred stock, which includes the original investment amount of $75 million plus accrued and unpaid dividends. As a result of the repurchase of the preferred stock, the Company will record a reduction in retained earnings of approximately $4.0 million related to the unaccreted difference between the carrying value of the preferred stock and the repurchase price. The reduction will be treated in a manner consistent with that for preferred dividends. In connection with the issuance of the preferred stock, the Company issued to the Treasury Department a warrant to purchase 758,086 shares of common stock at a price of $14.84 per share. Texas Capital has not yet determined if it will offer to repurchase the warrant or allow the Treasury to sell the warrant in the open market.
Texas Capital Bancshares Announces Offering of 3.5 Million Shares of Common Stock
Texas Capital Bancshares announced that it has commenced a public offering of 3.5 million shares of its common stock. Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC will serve as sole underwriter for this offering. The underwriter will have a 30 day option to purchase up to an additional 15% of the offered amount of common stock from Texas Capital to cover over allotments, if any. The net proceeds of the offering will be used for general corporate purposes and to increase the Company's strong base of tangible common equity.
Texas Capital Bancshares Issues $75 Million of Preferred Stock and Warrants Under the U.S. Treasury`s Capital Purchase Program
Texas Capital Bancshares announced that it has completed the issuance of $75 million of perpetual preferred stock and related warrants under the U.S. Department of Treasury's voluntary Capital Purchase Program. The perpetual preferred stock will have a cumulative dividend of 5% per annum for five years and, unless redeemed, 9% thereafter. The warrants represent the right to purchase 758,086 shares of the Company's common stock at an initial exercise price of $14.84 per share.
Texas Capital Bancshares Reaffirms FY 2008 Profit Guidance-Conference Call
Texas Capital Bancshares reaffirmed its earnings guidance for fiscal 2008 of $30 to $33 million in net income. According to Reuters Estimates, analysts were expecting the Company to report net profit of $31 million for the same period.
Texas Capital Bancshares Reaffirms FY 2008 Earnings Guidance
Texas Capital Bancshares announced that it is on track to meet previously announced earnings guidance for fiscal 2008 of $30 million to $33 million in net income. According to Reuters Estimates, analysts were expecting the Company to report net profit of $30 million for the same period.
