TriState Capital Holdings Closes Investment by Lovell Minnick Partners
PITTSBURGH – August 21, 2012 – TriState Capital Holdings, Inc. (TriState Capital) has closed a minority investment from private equity firm Lovell Minnick Partners LLC (Lovell Minnick), both companies announced today.
As part of the transaction, Lovell Minnick invested $50 million in TriState Capital, and all regulators have approved. The firms are privately held, and additional terms were not disclosed. Jim Minnick has joined TriState Capital Bank’s board of directors.
TriState Capital Bank, a subsidiary of TriState Capital, remains the largest start-up bank in Pennsylvania history. Launched in 2007 in Pittsburgh with more than $100 million, TriState Capital Bank has grown to include offices in the Philadelphia area, Cleveland, Princeton and New York City. TriState Capital Bank is an independent commercial and private bank serving middle market businesses, professionals and high net worth individuals.
“We remain focused on quality loans, competitive deposit offerings and strong client relationships. Our commitment to our client base, regulatory compliance and prudent risk management has fostered healthy growth despite challenging economic and industry conditions,” said Jim Getz, chairman and CEO of TriState Capital Bank.
“We appreciate the support of Lovell Minnick and the opportunity to include them in our investor group. We believe this investment will help us to continue pursuing our business plan and strategic opportunities,” added Getz.
Lovell Minnick, with offices in the Philadelphia and Los Angeles areas, is an independent private equity firm specializing in the global financial services industry. For more than a decade, Lovell Minnick has invested in financial and related companies that meet stringent criteria for leadership, operations and growth potential.
Jim Minnick, president and managing director of Lovell Minnick said, “TriState is a dynamic bank with a strong management team, accomplished professionals and attractive growth prospects. We are very pleased to have the opportunity to be part of TriState’s future.”
About TriState Capital Holdings, Inc.
TriState Capital Holdings, Inc. is the registered bank holding company for TriState Capital Bank, a commercial and private bank serving middle market businesses, professionals and high net worth individuals. Headquartered in Pittsburgh, Pennsylvania, TriState Capital has representative offices in Pennsylvania, Ohio, New Jersey and New York and serves private banking clients nationwide. Established in 2007, TriState had assets of approximately $1.9 billion as of June 30, 2012. For more information, please visit www.tristatecapitalbank.com.