Texas Capital sells insurance premium finance unit for ~$3.4B to Truist's AFCO

TEXAS CAPITAL BANCSHARES INC/TX

Purchase price ~$3.4B in cash for BankDirect unit with $3.1B loan portfolio, an 8.5% premium.
Expected to increase Common Equity Tier 1 ratio by 199 bps and tangible book value per share by 6.5%.
Transaction expected to close in Q4 2022, subject to customary conditions.
Texas Capital reaffirms guidance of achieving year-over-year quarterly operating leverage by year-end.
Divestiture supports strategic transformation to focus on core Texas commercial client strategy.

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