U.S. Department of the Treasury

(Archived Content)

TG-576 

WASHINGTON -- The U.S. Department of the Treasury today announced that it has commenced secondary public offerings of the following securities:

· 1,707,456 warrants to purchase the common stock of Washington Federal, Inc.;

· 595,829 warrants to purchase the common stock of Signature Bank; and

· 758,086 warrants to purchase the common stock of Texas Capital Bancshares, Inc.

The proceeds of these sales will provide an additional return to the American taxpayer from Treasury's investment in Washington Federal, Signature Bank and Texas Capital beyond the dividend payments it received on the related preferred stock. Each offering is expected to price through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager for these offerings.

Deutsche Bank Securities Inc., in its capacity as auction agent, has specified that each auction will commence as follows and be subject to the following minimum bid price:

During the auction period, potential bidders will be able to place bids at any price (in increments of $0.05) at or above the minimum bid price per warrant.

The auction procedures, and the exercise price, expiration and other terms of the Washington Federal warrants and the Texas Capital warrants are described in the preliminary prospectus supplements referenced below.   The auction procedures and terms of the Signature Bank warrants are described in the preliminary offering circular referenced below.    

The Washington Federal warrants and the Texas Capital warrants are each being offered pursuant to an effective shelf registration statement that has been filed by each of Washington Federal and Texas Capital with the Securities and Exchange Commission (the SEC). The preliminary prospectus supplements related to the offerings will be filed by Washington Federal and Texas Capital with the SEC and will be available on the SEC's website at http://www.sec.gov. The Signature Bank warrants are exempted securities under Section 3(a)(2) of the Securities Act of 1933 and are being offered pursuant to an offering circular that is not required to be filed with the SEC. The preliminary offering circular related to the Signature Bank offering will be made available on Signature Bank's website at http://www.signatureny.com.

Copies of the preliminary prospectus supplements and the preliminary offering circular, as applicable, relating to these securities may be obtained by contacting Deutsche Bank Securities Inc., Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, New Jersey 07311-3988, telephone: 1-800-503-4611 or by emailing prospectusrequest@list.db.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

# # #