Texas Capital Files to Raise $102.4 Million

Texas Capital Bancshares (TCBI) in Dallas is planning to raise up to $102.4 million via a public offering of common stock. Texas Capital plans to sell 1.7 million shares at $60.25 per share.

The $11.7 billion-asset company expects to close the sale on Jan. 29.Texas Capital filed a registration statement with the Securities and Exchange Commission for the offering. The statement was not available as of Friday morning on the SEC site.

Underwriters will also have a 30-day option to purchase up to an additional 255,000 shares of common stock.

In a regulatory filing earlier this week, Texas Capital initially said it was planning to sell 1.25 million shares of common stock the offering. In the same release, Texas Capital also said it could also pursue a bank-level Tier II offering, subject to market conditions.

Proceeds from the offerings would be used for general corporate purposes, including providing capital to the bank. Deutsche Bank Securities and Macquarie Capital will manage the offering.

Also earlier this week, Texas Capital said its fourth-quarter earnings fell 3% from a year earlier, to $30.4 million. The company's earnings per share number of 67 cents missed the average estimate of analysts polled by Bloomberg by 12 cents.

Chief Executive George Jones retired in December after leading the company since its creation in 1999. Keith Cargill succeeded Jones.