The underwriters of TriState Capital Holdings Inc.'s recently closed public offering of depositary shares fully exercised their option to buy an additional 420,000 depositary shares.
Each depositary share represents a 0.025 interest in a share of the company's 6.375% fixed-to-floating rate series B noncumulative perpetual preferred stock, which has a liquidation preference of $1,000 per share or $25 per depositary share.
The sale of the additional depositary shares led to additional net proceeds to the Pittsburgh-based company of about $10.2 million before expenses.
The company intends to use the net proceeds from the offering for general corporate purposes, potentially including buybacks of its common stock, future acquisitions, its working capital needs and investments in its subsidiaries.
Keefe Bruyette & Woods Inc. and Raymond James & Associates Inc. acted as joint book-running managers of the offering, with B. Riley FBR, Boenning & Scattergood Inc. and Stephens Inc. acting as co-managers.