Loading, Please Wait...

CST: 20/08/2019 00:47:10   

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

101 Days ago

DALLAS, Texas, May 10, 2019 (GLOBE NEWSWIRE) -- Tectonic Financial, Inc. (the “Company”), the parent company for T Bank, N.A., today announced the pricing of its initial public offering of 1,500,000 shares of 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. These securities are expected to begin trading on the NASDAQ Global Market within 30 days after the date of initial issuance under the symbol “TECTP.” The offering is expected to close on May 14, 2019, subject to customary closing conditions.

In addition, the Company has granted the underwriters a 30-day option 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. is acting as the lead book-running manager, Sanders Morris Harris LLC is acting as joint book-running manager and American Capital Partners is acting as co-manager. 

The offering will be made only by means of a prospectus. When available, copies of the 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 these securities and the prospectus, when available, may also be obtained free of charge from the website of the U.S. Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

The Commission declared the registration statement relating to these securities effective on May 10, 2019. 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, Chairman
  Tectonic Financial, Inc.
  (713) 250-4210

 

Is your business listed correctly on America’s largest city directory network of 1,000 portals?