Texas Capital Bancshares, Inc. reports news as the bank holding company parent of Texas Capital Bank and the broader Texas Capital brand. The firm provides full-service financial services through commercial banking, consumer banking, investment banking and wealth management capabilities for businesses, entrepreneurs and individual customers.
Recurring updates cover quarterly operating results, net interest income and margin trends, loan and deposit activity, fee-generating businesses, regulatory capital levels, dividends on common and preferred securities, and capital actions. Company news also includes syndicated credit facilities led by Texas Capital, leadership and operating-model appointments, and Texas Capital Foundation community grant programs in Texas.
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.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced a cash dividend of $14.375 per share of its 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, equivalent to $0.359375 per depositary share. This dividend is payable on September 15, 2022, to shareholders on record as of September 1, 2022. Texas Capital Bank offers a range of financial services and is a member of the Russell 2000 Index and S&P MidCap 400.
Texas Capital Bancshares (NASDAQ: TCBI) reported a second quarter 2022 net income of $34.2 million, with $29.8 million available to common stockholders, translating to $0.59 per diluted share. This shows a decline from $35.3 million and $67.2 million in the previous quarters. The company saw a significant increase in loans held for investment, up 11% to $24.1 billion, while total net interest income rose 12% to $205.5 million. However, a $22 million provision for credit losses impacted the results. The net interest margin increased to 2.68%, reflecting improved asset yields.
Texas Capital Bancshares (NASDAQ: TCBI) announced a conference call and webcast to discuss its Q2 2022 operating results, scheduled for July 21, 2022, at 11:00 a.m. EDT. The press release will be issued at 6:00 a.m. EDT on the same day. Participants can pre-register for the call for immediate access or dial in using the provided access code. An audio replay will be available shortly after the conclusion of the call. Texas Capital Bancshares, a member of the Russell 2000 and S&P MidCap 400 Index, is a full-service financial firm headquartered in Dallas.
Texas Capital Bancshares (NASDAQ: TCBI) announced plans to relocate its Richardson offices to a new campus by Q4 2023. The Bank has signed a 15-year lease with Blue Cross and Blue Shield of Texas, moving to 1001 East Lookout Drive. This consolidation aims to enhance the efficiency of its Technology and Operations teams, reflecting the Bank's commitment to growth. The new location boasts amenities that will improve employee and client experiences, aligning with the Bank's strategy to become a leading financial services firm in Texas.