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CST: 23/05/2019 02:03:59   

Tectonic Financial, Inc. Announces Closing of Initial Public Offering of Series B Preferred Stock

8 Days ago

DALLAS, Texas, May 14, 2019 (GLOBE NEWSWIRE) -- Tectonic Financial, Inc. (“Tectonic Financial” or the “Company”), the parent company for T Bank, N.A., Tectonic Advisors, LLC and Sanders Morris Harris LLC, today announced that it has completed its initial public offering of 1,500,000 shares of its 9.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B preferred stock”) at a price to the public of $10.00 per share.  The Series B preferred stock is expected to begin trading on the NASDAQ Capital Market within 30 days after the date of initial issuance under the symbol “TECTP.”

The underwriters have a 30-day option, which commenced May 10, 2019, to purchase up to 225,000 additional shares of Series B preferred stock at the initial public offering price less underwriting discounts.

Sandler O’Neill + Partners, L.P. acted as the lead book-running manager, Sanders Morris Harris LLC acted as joint book-running manager and American Capital Partners acted as co-manager.  Tectonic Financial was represented by Hunton Andrews Kurth LLP.  The underwriters were represented by Norton Rose Fulbright US LLP.

The U.S. Securities and Exchange Commission (the “Commission”) declared the registration statement relating to the Series B preferred stock effective on May 10, 2019.  The offering was made only by means of a prospectus.  Copies of the final prospectus relating to the offering may be obtained by contacting: Sandler O’Neill & Partners, L.P., Attn: Syndicate, 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, Tel: 866-805-4128 or Email: syndicate@sandleroneill.com, Sanders Morris Harris LLC, 600 Travis Street, 59th Floor, Houston, TX 77002, Tel: 713-224-3100 or Email: syndicate@smhgroup.com, or American Capital Partners, LLC, 205 Oser Avenue, Hauppauge, NY 11788, Tel: 631-851-0918 or Email: info@americancapitalpartners.com.  Copies of the registration statement relating to the Series B preferred stock and the final prospectus may also be obtained free of charge from the website of the Commission at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements. These forward-looking statements reflect the Company’s current views with respect to, among other things, the commencement and completion of the initial public offering of its Series B preferred stock.  Any statements about the Company’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases.  The Company cautions that the forward-looking statements in this press release are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control.  Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements.  Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by law.

           
Contact:         A. Haag Sherman, Chief Executive Officer
          Tectonic Financial, Inc.
          (713) 250-4210

 

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