Texas Capital Bancshares Commences Marketing Of IPO
Also Pays One-For-One Stock Dividend
FOR IMMEDIATE RELEASE
September 19, 2002
Texas Capital Bancshares, Inc. today commenced marketing of its initial public
offering. Texas Capital Bancshares plans to offer 3 million shares and certain
stockholders of the company also plan to offer 3 million shares, in each case
at a currently proposed range of $10-12 per share. Texas Capital Bancshares
also announced the payment of the one-for-one stock dividend declared on July
30, 2002, and payable as of September 16, 2002 to stockholders of record as of
July 30, 2002.
Texas Capital Bancshares, Inc. also reported certain financial information for
the eight months ended August 31, 2002. Total loans and total deposits
increased to $1.034 billion and $1.041 billion, respectively, as of August 31,
2002, including $176 million of non-interest bearing deposits, which increased
to 17% of total deposits.
Texas Capital Bancshares also disclosed certain financial goals, including a
return on equity of 14-16%, a ratio of net charge-offs to total loans of less
than 0.30%, and an efficiency ratio of 50-55%. Texas Capital Bancshares aims to
increase both loans and deposits by approximately $300-400 million per year
over the next two to three years.
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.
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 relating to the initial
public offering and other filings made by Texas Capital Bancshares with the
Securities and Exchange Commission.
Although a registration statement relating to the shares of common stock to be
sold in Texas Capital Bancshares' initial public offering 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.
Copies of the preliminary 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
Certain statements contained in this release, including without limitation,
statements containing the words "believes," "plans," "expects," "anticipates,"
and words of similar import, constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions in those areas in which the Company operates; demographic changes;
competition; changes in business strategies and other risks detailed in the
most recent quarterly and annual reports filed with the Securities Exchange
Commission, including the Company's Form 10-Q for the quarter ended June 30,
2002, Form 10-K for the year ended December 31, 2001 and the Company's
registration statement on Form S-3 filed on August 9, 2002 and as amended on
September 17, 2002. Given these uncertainties, undue reliance should not be
placed on such forward-looking statements. The Company disclaims any obligation
to update any such factors or to publicly announce the results of any revisions
to any of the forward-looking statements contained herein to reflect future
events or developments.