Texas Capital Bancshares Postpones IPO
FOR IMMEDIATE RELEASE
October 11, 2002
DALLAS - Texas Capital Bancshares, Inc. today announced that it is postponing
its planned initial public offering (IPO) due to the recent deterioration of
financial markets.
"We are not canceling the IPO," said Jody Grant, Chairman and CEO of Texas
Capital Bancshares. "Given the changes in the markets in recent weeks, it makes
sense to wait for improved conditions. We will keep a close watch on the
markets and look for a suitable time to consummate the offering. In the
interim, we will continue to execute our business strategy."
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.
On August 9, 2002, Texas Capital Bancshares filed its initial Form S-3
registration statement describing Texas Capital Bancshares' plans for its IPO.
Although this registration statement and the subsequent amendments thereto
relating to its shares of common stock to be sold in the IPO have 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 and subsequent amendments may be accessed at TexasCapitalBank.com.
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.
Forward-Looking Statements
This release contains forward-looking statements, which are subject to risks and
uncertainties. A number of factors, many of which are beyond Texas Capital
Bancshares' control, could cause actual results to differ materially from
future results expressed or implied by such forward-looking statements. These
risks and uncertainties include the risk of adverse impacts from general
economic conditions, competition, interest rate sensitivity and exposure to
regulatory and legislative changes. Additional factors that could cause results
to differ materially from those described in the forward-looking statements can
be found in the registration statement on Form S-3 as amended relating to the
initial public offering and other filings made by Texas Capital Bancshares with
the Securities and Exchange Commission.