secwatch.observer — SEC 8-K summary
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Issuer:     TEXAS CAPITAL BANCSHARES INC/TX (TCBI)
CIK:        0001077428
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001077428-22-000148
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1077428/000107742822000148/0001077428-22-000148-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1077428/000107742822000148/tcbi-20221101.htm
  HTML page:      https://secwatch.observer/filing/0001077428-22-000148

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