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Texas Capital Bancshares (TCBI) delivers tailored financial solutions through commercial banking, secured lending, and wealth management services focused on Texas business communities. This news hub provides investors and stakeholders with centralized access to official TCBI developments.
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Texas Capital Bancshares, Inc. (TCBI) has completed the sale of its subsidiary, BankDirect Capital Finance LLC, to AFCO Credit Corporation for approximately $3.4 billion. This strategic move enhances Texas Capital's financial strength, increasing its liquidity and tangible book value while generating a pre-tax gain of about $250 million. The sale is expected to boost the Common Equity Tier 1 ratio by 200 basis points and provide a 7% increase in tangible book value per share. Management aims to focus on expanding its core commercial services in Texas.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI) has declared a cash dividend of $14.375 per share for its 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. This amounts to $0.359375 per depositary share, representing a 1/40th interest in a share of the Series B Preferred Stock. The dividend is payable on December 15, 2022, to shareholders of record as of December 1, 2022. Texas Capital Bancshares is a member of the Russell 2000 Index and S&P MidCap 400, providing a range of financial services.
Texas Capital Bancshares (NASDAQ: TCBI) reported a net income of $41.4 million for Q3 2022, with earnings available to common stockholders at $37.1 million or $0.74 per diluted share. This is an increase from $29.8 million in Q2 2022 but a slight decrease from $39.1 million in Q3 2021. The bank's net interest income rose to $239.1 million, driven by improved yields. Despite a 20% rise in non-interest expenses due to staffing increases and legal costs, credit quality improved, evidenced by reduced criticized loans. Regulatory capital ratios remain strong.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI) has signed a 15-year lease for its headquarters at 2000 McKinney Avenue in Dallas, expanding its space to over 200,000 square feet across seven floors. The new location will be named Texas Capital Center and includes renovations and additional floors. This move aims to enhance workplace experience and accessibility in Uptown Dallas, with construction expected to begin in early 2023 and wrap up in 2024.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced that its executive team will hold a conference call on October 20, 2022, at 10:00 a.m. EDT to discuss third quarter operating results. The press release with detailed results will be issued after market close on October 19, 2022. Participants can pre-register or call in to join the discussion. An audio replay of the call will be available shortly after its conclusion and can be accessed until October 20, 2023. Texas Capital Bancshares is a full-service financial institution headquartered in Dallas.
Texas Capital Bancshares announced the sale of its insurance premium finance subsidiary, BankDirect Capital Finance, to AFCO Credit Corporation for approximately $3.4 billion. This divestiture includes BankDirect's loan portfolio, valued at $3.1 billion. The transaction is expected to improve Texas Capital's financial health, increasing its Common Equity Tier 1 ratio by 199 basis points and Tangible Book Value per Share by 6.5%. The sale is projected to enhance liquidity and streamline operations, aligning with the company's core business strategy.
Truist Insurance Holdings, a subsidiary of Truist Financial Corporation (NYSE: TFC), has signed a definitive agreement to acquire BankDirect Capital Finance from Texas Capital Bancshares, Inc. (NASDAQ: TCBI) for over $3 billion in loans. This acquisition will enhance Truist's premium finance business and expand into the life insurance sector. BankDirect will operate under AFCO Credit Corporation post-acquisition, expected to close in Q4 2022. The deal will diversify Truist's risk management offerings and potentially increase geographic reach, particularly on the West Coast.
Texas Capital Bancshares (NASDAQ: TCBI) appointed Vivek Misra as Executive Vice President and Chief Compliance Officer, effective immediately. Misra joins with extensive experience in risk management from Wells Fargo, JPMorgan Chase, and Citigroup. His role will focus on enhancing compliance risk management at Texas Capital Bank. Chief Risk Officer Tim Storms expressed confidence in Misra's skills and leadership as essential for the firm’s growth. Misra's prior experience includes roles in compliance, operational, and risk management, further strengthening the bank's leadership team.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI) has appointed Bryan Kucholtz as Executive Vice President, Head of Private Wealth, effective immediately. Kucholtz, with over 30 years of industry experience and a strong background in wealth management, previously held leadership roles at PNC Investments and BBVA. His responsibilities will include overseeing the Private Wealth business, enhancing client services, and driving strategic growth. This leadership change aims to strengthen the firm's financial planning solutions and improve client experiences across its banking services.