---
schema_version: "secwatch.filing_event.v1"
accession: "0001077428-22-000148"
form_type: "8-K"
ticker: "TCBI"
cik: "0001077428"
company_name: "TEXAS CAPITAL BANCSHARES INC/TX"
filed_at: "2022-11-03T23:59:59+00:00"
generated_at: "2026-06-22T07:51:33.316153+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Texas Capital Bancshares completes sale of insurance premium finance business for ~$3.4B to AFCO/Truist

## Summary
- Sale of BankDirect and loan portfolio to AFCO Credit Corp. (Truist) closed Nov 1, 2022 for ~$3.4B in cash.
- Pre-tax gain on disposal of ~$236M; after-tax gain ~$138M (pro forma nine months ended Sep 30, 2022).
- Pro forma net income available to common shareholders for nine months ended Sep 30, 2022: $240M ($4.76 diluted EPS).
- Pro forma balance sheet shows cash increase of ~$3.4B and total assets of ~$30.6B as of Sep 30, 2022.
- Transaction removes BankDirect's revenues and expenses from ongoing results; no change to core banking operations.

## SEC filing metadata
- accession: 0001077428-22-000148
- form_type: 8-K
- ticker: TCBI
- cik: 0001077428
- company_name: TEXAS CAPITAL BANCSHARES INC/TX
- filed_at: 2022-11-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1077428/000107742822000148/0001077428-22-000148-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1077428/000107742822000148/tcbi-20221101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001077428-22-000148
- JSON: https://secwatch.observer/filing/0001077428-22-000148.json
- Plain text: https://secwatch.observer/filing/0001077428-22-000148.txt

## Key facts
- M&A Transactions
  TEXAS CAPITAL BANCSHARES INC/TX completed a disposition involving AFCO Credit Corporation for approximately $3.4 billion (closed 2022-11-01).
  - Action: disposition
  - Counterparty: AFCO Credit Corporation
  - Consideration: approximately $3.4 billion
  - Closing: 2022-11-01
  source text: On November 1, 2022, Texas Capital Bancshares, Inc. (the “Company”), the parent company of Texas Capital Bank (the “Bank”), completed the previously announced sale of the Bank’s insurance premium finance business to AFCO Credit Corporation (“Purchaser”) pursuant to the Purchase Agreement, dated September 5, 2022, by and between the Bank and Purchaser for a purchase price of approximately $3.4 billion, which is subject to certain post-closing adjustments set forth in the Purchase Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1077428/000107742822000148/0001077428-22-000148-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.