TriState Capital Holdings Inc. announced an underwritten public offering of 2.2 million common shares to be sold by affiliates of Lovell Minnick Partners LLC.
The company will not receive any proceeds from the offering. Based on the closing price of $26.90 on May 21, S&P Global Market Intelligence estimates the size of the offering to be approximately $59.2 million.
Following the offering, Lovell Minnick will still beneficially own about 9% of the company's outstanding common stock. Lovell Minnick Co-Chairman James Minnick will remain on TriState Capital's board.
Keefe Bruyette & Woods Inc. is acting as the sole book-running manager for the offering.
