Texas Capital completes sale of insurance premium finance business for ~$3.4B cash

TEXAS CAPITAL BANCSHARES INC/TX

Sale of BankDirect to AFCO Credit (Truist subsidiary) closed Nov 1, 2022.
Pre-tax book gain of ~$250M; $15M transaction expenses in Q4 2022.
Proceeds ~$3.4B cash; CET1 ratio estimated to increase ~200 bps.
Tangible book value per share accretion of ~7%.
Focus shifts to core Texas-based commercial client strategy.

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