Texas Capital Bancshares sells insurance premium finance business for ~$3.4B

TEXAS CAPITAL BANCSHARES INC/TX

Sale of BankDirect Capital Finance LLC and a $3.4B loan portfolio (based on June 30, 2022 NAV plus premium) to AFCO Credit Corporation.
Purchase price subject to customary adjustments; expected closing by end of 2022 subject to regulatory approvals.
Transaction structured as sale of equity interests and loans; seller will provide transition services.
AFCO Credit Corporation is a subsidiary of Assurant, Inc. (private); the deal includes non-compete and confidentiality covenants.

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