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TriState Capital prices preferred stock offering

TriState Capital Holdings Inc. priced a public offering of 2.8 million depositary shares, each representing a 1/40th interest in its 6.375% fixed- to floating-rate series B noncumulative perpetual preferred stock.

TriState Capital granted underwriters an option to buy up to an additional 420,000 depositary shares.

TriState Capital can redeem the preferred shares on or after July 1, 2024. The company expects to use net proceeds for general corporate purposes, which may include common share repurchases, future acquisitions, working capital needs and investments in its units.

The offering is expected to close May 29.

Keefe Bruyette & Woods Inc. and Raymond James & Associates Inc. are joint book-running managers, while B. Riley FBR, Boenning & Scattergood Inc. and Stephens Inc. are co-managers.