secwatch.observer — SEC 8-K summary
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Issuer:     TEXAS CAPITAL BANCSHARES INC/TX (TCBI)
CIK:        0001077428
Form:       8-K
Filed at:   2022-11-01T23:59:59+00:00
Accession:  0001077428-22-000144
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1077428/000107742822000144/0001077428-22-000144-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1077428/000107742822000144/tcbi-20221101.htm
  HTML page:      https://secwatch.observer/filing/0001077428-22-000144

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer