Shares of TriState Holdings (TSC) in Pittsburgh rose slightly during their first day of trading.
The stock closed at $12.59 a share on Thursday, after opening at $12.50, on volume of roughly 3.4 million shares.
Last summer, Lovell Minnick Partners invested $50 million in TriState, and Jim Minnick, the private equity firm's president and managing director, joined the $2.1 billion-asset company's board.
TriState opened in 2007 and has branches in Pittsburgh, Philadelphia, New York, Cleveland and Princeton, N.J. The company serves middle-market businesses, professionals and high-net-worth individuals.
The company earned $9.1 million last year and had a total risk-based capital ratio of 11.88% at Dec. 31.
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