Pennsylvania banking company TriState Capital Holdings (NASDAQ:TSC) will sell a new issue of non cumulative preferred stock with the typical terms–5 year optional redemption and qualified dividends.
This issue is a fixed-to-floating rate issue.
We have to admit we have never heard of TriState Capital but will be doing some research today to see what they are about.
Here is how they describe themselves.
TriState Capital Holdings, Inc. 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 December 31, 2017, 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 had $8.3 billion in assets under management, as of December 31, 2017, and serves institutional clients and TriState Capital’s financial intermediary network.