Texas Capital Bancshares Files for IPO
January 21, 2004
FOR IMMEDIATE RELEASE
August 12, 2002
Second quarter financial results and stock dividend also announced
Dallas - Texas Capital Bancshares, Inc. today announced that it has filed a
registration statement with the Securities and Exchange Commission (SEC) for an
initial public offering (IPO) of approximately $75 million of its common stock.
It is presently contemplated that the offering will consist of primary shares
to be sold by the company and secondary shares to be sold by some of its
existing stockholders. The announcement was made concurrently with the
company's report of financial results for the second quarter of 2002 and its
declaration of a stock dividend.
Registration Statement
The Form S-3 registration statement, filed on August 9, 2002 describes Texas
Capital Bancshares' plans for the IPO. The company has applied to list its
common stock on the Nasdaq National Market under the symbol "TCBI." Proceeds
from the sale of primary shares by Texas Capital Bancshares will be used for
general corporate purposes. An underwriting group led by Lehman Brothers Inc.,
and including U.S. Bancorp Piper Jaffray, Inc. and SunTrust Robinson Humphrey,
will offer the shares.
Second Quarter Financial Results
Texas Capital Bancshares reported net income of $1.819 million (net of $608,000
of income tax expense) for the quarter ended June 30, 2002, up 56% from the
$1.166 million reported in the second quarter of 2001. Return on average assets
was .59% for the second quarter of 2002 compared to .48% for the second quarter
of 2001. Return on average equity was 6.38% and 5.32% for the second quarter of
2002 and 2001, respectively. As of June 30, 2002, Texas Capital Bancshares had
total assets of $1.261 billion versus $1.232 billion at March 31, 2002. Total
loans increased to $945 million on June 30, 2002, an increase of $70 million
from $875 million on March 31, 2002. Deposits as of June 30, 2002 were $980
million versus $937 million on March 31, 2002.
Stock Dividend
On July 30, 2002, Texas Capital Bancshares declared a one-for-one stock
dividend on shares of its common stock for stockholders of record as of that
date. The dividend will be paid prior to the closing of the IPO.
About Texas Capital Bancshares
Texas Capital Bancshares, Inc. is a privately owned and operated bank holding
company whose principal subsidiary is Texas Capital Bank, N.A., headquartered
in Dallas, TX. Texas Capital Bank targets middle market businesses, the
executives of those businesses, and affluent individuals. The bank has
full-service locations in Austin, Dallas, Fort Worth, Plano, and San Antonio.
Although a registration statement relating to the shares of common stock to be
sold in the IPO has been filed, the SEC has not declared it effective.
Therefore, these securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. This
announcement does not constitute an offer to sell or a solicitation of an offer
to buy, nor will there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
The initial filing of the company's registration statement with the SEC may be
accessed at www.TexasCapitalBank.com. When available, copies of the prospectus
related to this offering may be obtained from Lehman Brothers Inc., c/o ADP
Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood,
NY 11717 or by telephone at 631-254-7106.