TriState Capital Holdings Inc. launched an underwritten offering of depositary shares with a liquidation preference of $1,000 per share, equivalent to $25 per depositary share.
Each depositary share represents a 1/40th interest in a share of its fixed-to-floating rate series A noncumulative perpetual preferred stock.
The Pittsburgh-based bank plans to use net proceeds from the offering for general corporate purposes and selective asset management acquisitions.
Sandler O'Neill & Partners LP acts as sole book-running manager for the offering, while D.A. Davidson & Co. serves as co-manager.
