TriState Capital Bank plans to go public

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TriState Capital Bank, a boutique bank Downtown launched in January 2007 by former Pennsylvania Banking Secretary A. William Schenck and two partners, has announced plans to go public.

The bank expects to raise up to $70 million in the offering, according to a registration statement filed with the Securities and Exchange Commission late Tuesday.

The timing, number of shares and price range for the initial public offering have not been set.

Proceeds from the offering will be used for general corporate purposes, such as working capital needs or possible acquisitions, the filing said.

TriState is a niche bank that caters to mid-sized businesses and wealthy individuals. It has assets of $2.1 billion and deposits of $1.8 billion, making it the ninth largest bank in the Pittsburgh region.

Using a branchless banking model, TriState is headquartered in Oxford Centre and has marketing offices in Philadelphia; Cleveland, Ohio; Princeton, N.J., and New York City.

Co-founders include former Federated Investors executive James Getz, who serves as chairman and CEO, and Mark Sullivan, formerly of Ernst & Young, who serves as vice chairman and chief financial officer.

Mr. Schenck, a former PNC Financial Services Group executive, serves as vice chairman. He resigned as state banking secretary in 2006 after 3-1/2 years on the job to help start TriState.

The last Pittsburgh-area company to go public was ExOne Co., an advanced manufacturing company in North Huntington, that sold 6.1 million shares in an IPO in February, raising $98.7 million.

breaking - businessnews

Patricia Sabatini: psabatini@post-gazette.com or 412-263-3066.


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