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TriState Capital launches offering of depositary shares

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.