The Board of Directors of TriState Capital Holdings, Inc.
(Nasdaq: TSC) announced its decision to name James F. Getz
executive chairman and appoint Brian S. Fetterolf to serve as the
company’s president and chief executive officer, effective January
1, 2022.
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Brian Fetterolf has been named TriState
Capital Holdings, Inc. president and chief executive officer,
effective January 1, 2022. (Photo: Business Wire)
Mr. Getz has served as chairman, president and CEO of TriState
Capital since he founded the company in 2007. As executive
chairman, he will continue to lead the Board of directors and
support strategic business development activities for the company’s
bank and investment management businesses. Mr. Getz will also
continue to serve as chairman of the company’s TriState Capital
Bank and Chartwell Investment Partners subsidiaries.
“Since 2009, Brian has played an instrumental role in the
formation of our strategic plans, the buildout of our
differentiated financial services business model, the recruitment
of top talent and the strengthening of our entrepreneurial culture
that is focused on our clients’ success and shareholder value
creation,” said Mr. Getz. “Developing one of our own to assume the
day-to-day leadership of this organization has long been a top
priority for myself and the Board, and over the last 12 years Brian
has earned our complete confidence, as he and the entire management
team of highly experienced financial services and public company
executives take what we’ve created to the next level of success,
for the benefit of our clients, shareholders and employees.”
“TriState Capital’s success so far is built on Jim’s leadership,
vision for the vast potential in our niche markets, relentless
focus on execution, commitment to assembling the very best talent
in the business, and prioritization for the health and well-being
of each person on our team,” Mr. Fetterolf said. “On behalf of the
incredible group of professionals here at TriState Capital, I want
to say that it is a privilege that we get to work with Jim, as well
as with each other, as we continue building on our very strong
foundation. I’m honored to serve TriState Capital’s team, clients,
investors and other stakeholders in this additional role, and I am
grateful to have the support of Jim’s continued counsel and
friendship.”
In addition to assuming his new leadership role on January 1,
Mr. Fetterolf will continue to serve as a director of the company;
president, CEO and a director of its TriState Capital Bank
subsidiary; Vice Chairman and director of its Chartwell Investment
Partners subsidiary, and president of its Chartwell TSC Securities
Corp. broker-dealer subsidiary that facilitates the wholesale
marketing of Chartwell Funds.
Mr. Fetterolf was named president of TriState Capital Bank in
2015 and CEO of the subsidiary in 2017. Since joining TriState
Capital in 2009, his other leadership roles over the last 12 years
included serving as its Chief Risk Officer and General Counsel.
As previously disclosed, Raymond James Financial, Inc. and
TriState Capital Holdings have entered into a definitive agreement
under which Raymond James will acquire TriState Capital Holdings in
a combination cash and stock transaction expected to close in 2022,
subject to customary closing conditions, including regulatory
approvals and approval by TriState Capital Holdings shareholders.
As the companies announced on October 20, 2021, TriState Capital is
expected to continue operating as a separately branded firm and as
a stand-alone division and independently chartered bank subsidiary
of Raymond James, with the current leadership team and all
associates remaining in existing office locations to support
TriState Capital’s continued growth and high service levels.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (Nasdaq: TSC) is a bank holding
company headquartered in Pittsburgh, PA, providing commercial
banking, private banking and investment management services to
middle-market companies, institutional clients and high-net-worth
individuals. Its TriState Capital Bank subsidiary had $12.07
billion in assets as of September 30, 2021, and serves
middle-market commercial customers through regional representative
offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and
New York City, as well as high-net-worth individuals nationwide
through its national referral network of financial intermediaries.
Its Chartwell Investment Partners subsidiary had $11.45 billion in
assets under management as of September 30, 2021, and serves
institutional clients and TriState Capital’s financial intermediary
network. For more information, please visit
http://investors.tristatecapitalbank.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements reflect TriState
Capital’s current views with respect to, among other things, future
events and the company’s financial performance, as well as the
company’s goals and objectives for future operations, financial and
business trends, business prospects and management’s outlook or
expectations for earnings, revenues, expenses, capital levels,
liquidity levels, asset quality or other measures of future
financial or business performance, strategies or expectations.
These statements are often, but not always, made through the use of
words or phrases such as “achieve,” “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “goal,” “intend,”
“maintain,” “may,” “opportunity,” “outlook,” “plan,” “potential,”
“predict,” “projection,” “seek,” “should,” “sustain,” “target,”
“trend,” “will,” “will likely result,” and “would,” or the negative
versions of those words or other comparable statements of a future
or forward-looking nature. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about TriState Capital’s industry and beliefs or
assumptions made by management, many of which, by their nature, are
inherently uncertain. Although TriState Capital believes that the
expectations reflected in these forward-looking statements are
reasonable as of the date made, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. Accordingly, TriState Capital cautions
you that any such forward-looking statements are not guarantees of
future performance and are subject to risks, assumptions and
uncertainties that change over time and are difficult to predict,
including, but not limited to, the following:
- risks associated with the COVID-19 pandemic and their expected
impact and duration, including effects on TriState Capital’s
operations, its clients, economic conditions and the demand for its
products and services;
- TriState Capital’s ability to prudently manage its growth and
execute its strategy, including the successful integration of past
and future acquisitions, its ability to fully realize the cost
savings and other benefits of its acquisitions, manage risks
related to business disruption following those acquisitions, and
manage customer disintermediation;
- deterioration of TriState Capital’s asset quality;
- TriState Capital’s level of non-performing assets and the costs
associated with resolving problem loans, including litigation and
other costs;
- possible additional loan and lease losses and impairment,
changes in the value of collateral securing TriState Capital’s
loans and leases and the collectability of loans and leases,
particularly as a result of the COVID-19 pandemic and the programs
implemented by the Coronavirus Aid, Relief, and Economic Security
Act, including its automatic loan forbearance provisions;
- possible changes in the speed of loan prepayments by customers
and loan origination or sales volumes;
- business and economic conditions generally and in the financial
services industry, nationally and within TriState Capital’s local
market areas, including the effects of an increase in unemployment
levels, slowdowns in economic growth and changes in demand for
products or services or the value of assets under management;
- TriState Capital’s ability to maintain important deposit
customer relationships, its reputation and otherwise avoid
liquidity risks;
- changes in management personnel;
- TriState Capital’s ability to recruit and retain key
employees;
- volatility and direction of interest rates;
- risks related to the phasing out of LIBOR and changes in the
manner of calculating reference rates, as well as the impact of the
phase out of LIBOR and introduction of alternative reference rates
on the value of loans and other financial instruments that are
linked to LIBOR;
- changes in accounting policies, accounting standards, or
authoritative accounting guidance, including the CECL model;
- any impairment of TriState Capital’s goodwill or other
intangible assets;
- TriState Capital’s ability to develop and provide competitive
products and services that appeal to its customers and target
markets;
- TriState Capital’s ability to provide investment management
performance competitive with its peers and benchmarks;
- fluctuations in the carrying value of the assets under
management held by Chartwell, as well as the relative and absolute
investment performance of such subsidiary’s investment
products;
- operational risks associated with TriState Capital’s business,
including technology and cyber-security related risks;
- increased competition in the financial services industry,
particularly from regional and national institutions;
- negative perceptions or publicity with respect to any products
or services offered by TriState Capital;
- adverse judgments or other resolution of pending and future
legal proceedings, and costs incurred in defending such
proceedings;
- changes in the laws, rules, regulations, interpretations or
policies relating to financial institutions, accounting, tax,
trade, monetary and fiscal matters, including economic stimulus
programs, and potential expenses associated with complying with
such laws and regulations;
- TriState Capital’s ability to comply with applicable capital
and liquidity requirements, including its ability to generate
liquidity internally or raise capital on favorable terms;
- regulatory limits on TriState Capital’s ability to receive
dividends from its subsidiaries and pay dividends to
shareholders;
- changes and direction of government policy towards and
intervention in the U.S. financial system;
- natural disasters and adverse weather, acts of terrorism,
regional or national civil unrest, cyber-attacks, an outbreak of
hostilities, a public health outbreak (such as COVID-19) or other
international or domestic calamities, and other matters beyond
TriState Capital’s control;
- the effects of any reputation, credit, interest rate, market,
operational, legal, liquidity, regulatory or compliance risk
resulting from developments related to any of the risks discussed
above; and
- other factors that are discussed in TriState Capital’s filings
with the Securities and Exchange Commission.
The foregoing factors should not be construed as exhaustive and
should be read together with the other cautionary statements
included in this press release. If one or more events related to
these or other risks or uncertainties materialize, or if TriState
Capital’s underlying assumptions prove to be incorrect, actual
results may differ materially from what the company anticipates.
Accordingly, readers should not place undue reliance on any such
forward-looking statements. New factors emerge from time to time,
and it is not possible for TriState Capital to predict which will
arise. Any forward-looking statement speaks only as of the date on
which it is made, and TriState Capital does not undertake any
obligation to update or review any forward-looking statement,
whether as a result of new information, future developments or
otherwise. In addition, TriState Capital cannot assess the impact
of each factor on its business or the extent to which any factor,
or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking
statements.
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MEDIA Jack Horner Hornercom 267-932-8760, ext. 302
412-600-2295 (mobile) jack@hornercom.com
INVESTOR Jeff Schoenborn and Kate Croft Lambert
888-609-8351 TSC@lambert.com
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