TriState Capital Bank, a boutique bank Downtown that was 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. The bank expects to be listed on NASDAQ under the symbol "TSC."
Proceeds from the offering will be used for general corporate purposes, such as working capital 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.
The bank posted profits of $10.7 million in 2012, up from $7.2 million in 2011, according to the filing. Revenue was $62.4 million, up from $50 million.
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, 66, who serves as chairman and CEO, and Mark Sullivan, 65, formerly of Ernst & Young, who serves as vice chairman and chief financial officer.
Mr. Schenck, 69, a former PNC Financial Services Group executive, also serves as vice chairman. He resigned as state banking secretary in 2006 after 3 1/2 years on the job to help start TriState.
Mr. Getz reported total compensation of $2.65 million last year, according to the filing. Mr. Schenck was paid $1.09 million and Mr. Sullivan was paid $1.08 million.
The last Pittsburgh-area company to go public was ExOne Co., an advanced manufacturing company in North Huntington, which sold 6.1 million shares in an IPO in February, raising $98.7 million.mobilehome - businessnews
Patricia Sabatini: firstname.lastname@example.org or 412-263-3066.