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RAYMOND JAMES October 20 , 2021 TRISTATE CAPITAL FOR IMMEDIATE RELEASE Raymond James Media Contact Tracey Bustamante , 727.567.2824 Raymond James Investor Contact : Kristina Waugh , 727.567.7654 TriState Capital Media Contact : Jack Horner , 267.932.8760 , ext . 302 TriState Capital Investor Contact : Jeff Schoenborn , 888.609.8351 raymondjames.com/news-and-media/press-releases RAYMOND JAMES FINANCIAL TO ACQUIRE TRISTATE CAPITAL HOLDINGS ST . PETERSBURG , Fla . / PITTSBURGH , Pa - Raymond James Financial , Inc. ( NYSE : RJF ) and TriState Capital Holdings , Inc. ( NASDAQ : TSC ) have entered into a definitive agreement under which Raymond James will acquire TriState Capital in a combination cash and stock transaction , valued at approximately $ 1.1 billion . Under the terms of the agreement , TriState Capital common stockholders will receive $ 6.00 cash and 0.25 Raymond James shares for each share of TriState Capital common stock , which represents per share consideration of $ 31.09 based on the closing price of Raymond James common stock on October 19 , 2021. Raymond James has entered into an agreement with the sole holder of the TriState Capital Series C Perpetual Non - Cumulative Convertible Non - Voting Preferred Stock pursuant to which the Series C Convertible Preferred will be converted to common shares at the prescribed exchange ratio and cashed out at $ 30 per share . The TriState Capital Series A Non - Cumulative Perpetual Preferred Stock and Series B Non - Cumulative Perpetual Preferred Stock will remain outstanding and be converted into equivalent Preferred Stock of Raymond James . ● " TriState Capital has a terrific , client - centric franchise focused on serving clients with premier private banking , commercial banking and niche investment management products and services , " said Paul Reilly , Chairman and CEO of Raymond James . " As we have followed the firm and management team over the past several years , including as its largest deposit client , we've admired its leadership position in offering securities - based lending through a scalable and robust technology platform . Importantly , this acquisition further illustrates our commitment to utilize excess capital through organic and inorganic growth that we expect to drive strong returns for shareholders over the long term . " " We founded TriState Capital 14 years ago because we saw an incredible opportunity to build a successful company built on a commitment to independence , a long - term perspective , integrity , and putting clients squarely at the center of everything we do and every decision we make , " said Jim Getz , Chairman and CEO of TriState Capital Holdings . " Raymond James shares those values and allows us to be part of one of the most highly regarded financial services companies in the nation . Our clients will continue to benefit from working with the same talented teams and the TriState Capital and Chartwell brands they already know so well , along with the technology we've invested in to provide an exceptional and responsive client experience . Raymond James ' strong balance sheet will provide supplemental capital and liquidity to continue enabling our fast - growing and highly scalable business model to meet clients ' commercial and securities - based lending and asset management needs . " TriState Capital will continue operating as a separately branded firm and as a stand - alone division and independently chartered bank subsidiary of Raymond James , with Jim Getz remaining Chairman , Brian Fetterolf remaining TriState Capital Bank's CEO and Tim Riddle remaining Chartwell's CEO . Management and approximately 350 associates are expected to remain with the firm in its existing office locations to support TriState Capital's continued growth and high service levels . Key Strategic Highlights : TriState Capital has grown private banking securities - based lending ( SBL ) organically at a 32 % compound annual rate since 2017 and 39 % over the last 12 months to $ 6.2 billion as of September 30 , 2021 . Supported by a leading digital lending platform and a robust risk management technology system , TriState Capital offers these loans to high net worth borrowers nationally by working with independent investment