A private-equity firm has plans to acquire a large stake in TriState Capital Holdings, a Pittsburgh company cofounded by a former state regulator.
The Pennsylvania Department of Banking has approved Lovell Minnick Partners, which has an office in Radnor, Pa., acquiring up to 24.9% of TriState's common stock, the Pittsburgh Business Times
The deal would help TriState to underwrite more loans, said William Schenck, TriState's president and a former banking secretary for Pennsylvania, the Business Times reported. At March 31, TriState had $1.5 billion of loans and leases, up roughly 17% from a year earlier, according to the Federal Deposit Insurance Corp.
To complete the deal, Lovell Minnick still needs approval from the Federal Deposit Insurance Corp. and the Federal Reserve.
TriState