Texas Capital Bancshares, Inc. Announces Quarterly Dividend for Preferred Stock

Rhea-AI Summary

Texas Capital Bancshares (NASDAQ: TCBI) announced a cash dividend of $14.375 per share for its 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. This translates to $0.359375 per depositary share, with the depositary shares traded under the symbol TCBIO. The dividend is scheduled for payment on June 15, 2023, to shareholders of record as of June 1, 2023.

Texas Capital Bancshares is a prominent financial institution based in Dallas, offering a wide range of services including commercial and consumer banking, investment banking, and wealth management. The company has established a robust client base and is a member of the Russell 2000 Index and the S&P MidCap 400.

Positive

• Declared a significant cash dividend of $14.375 per share for Series B Preferred Stock.
• Demonstrates the company's confidence in returning value to shareholders.

Negative

• Potential reliance on preferred stock dividends may raise concerns about sustainability in the long term.

DALLAS, April 24, 2023 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, and its board of directors declared a cash dividend of $14.375 per share of the 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), equivalent to $0.359375 per depositary share, each representing a 1/40th interest in a share of the Series B Preferred Stock. The depositary shares are traded on the NASDAQ under the symbol “TCBIO.” The Series B Preferred Stock dividend is payable on June 15, 2023, to holders of record at the close of business on June 1, 2023.

About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 2000 Index and the S&P MidCap 400, is the parent company of Texas Capital Bank, a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs, and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital Bank has established commercial banking, consumer banking, investment banking and wealth management capabilities.

FAQ

What is the dividend amount declared by Texas Capital Bancshares?

Texas Capital Bancshares declared a cash dividend of $14.375 per share of Series B Preferred Stock.

When will the dividend be paid?

The dividend will be paid on June 15, 2023.

What is the record date for the dividend?

The record date for the dividend is June 1, 2023.

How much is each depositary share worth?

Each depositary share is equivalent to $0.359375.

What stock symbol is used for the depositary shares?

The depositary shares are traded under the symbol TCBIO.