PITTSBURGH--(BUSINESS WIRE)--TriState Capital Holdings, Inc. (Nasdaq: TSC) today announced that affiliates of Lovell Minnick Partners LLC (collectively, “Lovell Minnick”) have agreed to sell 2,200,000 shares of TriState Capital common stock in an underwritten public offering. Keefe, Bruyette & Woods, Inc., A Stifel Company, is acting as the sole book-running manager for the offering. TriState Capital is not selling any stock in this transaction and will not receive any proceeds from the secondary offering.
Lovell Minnick funds have been equity investors in TriState Capital since August 2012. Upon completion of the offering Lovell Minnick is expected to continue to own approximately 9% of the Company’s outstanding common stock. Lovell Minnick Co-Chairman James E. Minnick also remains a member of TriState Capital’s Board of Directors.
The shares are being offered pursuant to a shelf registration statement (File No. 333-222074) under the Securities Act of 1933, as amended, which has been filed with the Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on December 21, 2017. The offering is being made only by means of a prospectus supplement and accompanying prospectus. Potential purchasers of our common stock should consider carefully the information contained in the preliminary prospectus supplement and the accompanying prospectus and other documents that TriState Capital has filed with the SEC for more complete information about TriState Capital and the offering. Copies of the registration statement, prospectus supplement and the accompanying prospectus relating to the offering may be obtained free of charge by visiting the SEC’s website at www.sec.gov, or may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, NY, NY 10019, or by calling 800-966-1559.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall 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.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (Nasdaq: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $4.7 billion in assets as of March 31, 2018, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary has more than $9 billion in assets under management, and serves as the advisor to The Berwyn Funds and Chartwell Mutual Funds.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including with respect to the timing and size of the offering, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to those that are described in the “Risk Factors” section of the preliminary prospectus supplement for this offering and the sections titled “Risk Factors,” “Cautionary Note Regarding Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in TriState Capital’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as well as in other filings that TriState Capital makes with the SEC from time to time (which are available at www.sec.gov). The events and circumstances discussed in such forward-looking statements may not occur, and TriState Capital’s actual results could differ materially and adversely from those anticipated or implied thereby. Any forward-looking statements speak only as of the date of this press release and are based on information available to TriState Capital as of the date of this release.