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Texas Capital Bancshares Inc/TX – ‘8-K’ for 2/21/21

On:  Monday, 2/22/21, at 9:43am ET   ·   For:  2/21/21   ·   Accession #:  1077428-21-23   ·   File #:  1-34657

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/22/21  Texas Capital Bancshares Inc/TX   8-K:5,8,9   2/21/21   14:613K

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     33K 
 2: EX-10.1     EX-10.1 Transition Agreement                        HTML    181K 
 3: EX-99.1     EX-99.1 Press Release                               HTML     21K 
10: R1          Document And Entity Information Document            HTML     52K 
12: XML         IDEA XML File -- Filing Summary                      XML     13K 
 9: XML         XBRL Instance -- tcbi-20210221_htm                   XML     28K 
11: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 5: EX-101.CAL  XBRL Calculations -- tcbi-20210221_cal               XML      7K 
 6: EX-101.DEF  XBRL Definitions -- tcbi-20210221_def                XML     42K 
 7: EX-101.LAB  XBRL Labels -- tcbi-20210221_lab                     XML     86K 
 8: EX-101.PRE  XBRL Presentations -- tcbi-20210221_pre              XML     42K 
 4: EX-101.SCH  XBRL Schema -- tcbi-20210221                         XSD     12K 
13: JSON        XBRL Instance as JSON Data -- MetaLinks               14±    22K 
14: ZIP         XBRL Zipped Folder -- 0001077428-21-000023-xbrl      Zip     64K 

‘8-K’   —   Current Report

This is an HTML Document rendered as filed.  [ Alternative Formats ]

 iX:   C:  C: 
 i TEXAS CAPITAL BANCSHARES INC/TX i 0001077428 i false00010774282021-02-212021-02-210001077428us-gaap:CommonStockMember2021-02-212021-02-210001077428us-gaap:SeriesAPreferredStockMember2021-02-212021-02-21

Washington, D.C. 20549
FORM  i 8-K
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  i February 21, 2021
(Exact name of registrant as specified in its charter)
 i Delaware i 001-34657 i 75-2679109
(State or other jurisdiction of
File Number)
(I.R.S. Employer
Identification Number)
 i 2000 McKinney Avenue,  i Suite 700,  i Dallas,  i Texas, U.S.A.
(Address of principal executive offices)
 i 75201
(Zip Code)
Registrant's telephone number, including area code:  i (214)  i 932-6600
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 i Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 i Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 i Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 i Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
 i Common Stock, par value $0.01 per share i TCBI i Nasdaq Stock Market
 i 6.50% Non-Cumulative Perpetual Preferred Stock Series A, par value $0.01 per share i TCBIP i Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  i 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02.    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 22, 2021, Texas Capital Bancshares, Inc. (the "Company"), the parent company of Texas Capital Bank, N.A. (the “Bank”), announced that Tim Storms has been named as Chief Risk Officer of the Company and the Bank. Effective as of February 21, 2021, John Turpen has ceased serving as the Chief Risk Officer of the Company and the Bank and will act in an advisory role to the Chief Executive Officer (“CEO”) of the Company until March 31, 2021 (the “Separation Date”).
Biographical Information
Mr. Storms, age 62, served at JPMorgan Chase & Co. from 1981 to 2019, most recently serving as Chief Risk Officer of Commercial Banking’s Real Estate businesses from 2015 to 2019. He previously held several key executive positions, including: Chief Credit Officer of Commercial Banking and head of Risk Management for corporate clients and real estate across North America for Investment Banking. Mr. Storms was also a member of a number of committees at JPMorgan, including the Risk Operating Committee of Investment Banking and Commercial Banking. Mr. Storms received a Master of Business Administration in Corporate Finance from Columbia University and a Bachelor of Arts degree in Economics and Psychology from Wesleyan University - CT.
Mr. Turpen, age 52, served as the Chief Risk Officer of the Bank since September 2018 and as the Chief Risk Officer of the Company since January 1, 2019. From April 2016 to September 2018, Mr. Turpen served as Chief Risk Officer for corporate and commercial banking at U.S. Bancorp. Mr. Turpen joined U.S. Bancorp in 2009 after holding increasingly senior positions in credit, risk and strategic planning at HSBC and Wells Fargo. Mr. Turpen’s banking career spans more than 20 years.
Transition Agreement with Mr. Turpen
On February 21, 2021, the Company entered into a transition agreement with Mr. Turpen (the “Transition Agreement”), establishing his compensation as Special Advisor to the CEO until the Separation Date. Under the Transition Agreement, until the Separation Date, Mr. Turpen will continue to receive his annual base salary and other benefits in accordance with his current employment agreement with the Company, including a cash incentive bonus of $226,540, except that Mr. Turpen will not continue to be eligible to receive annual equity incentive grants in 2021 with respect to the fiscal year ended December 31, 2020.
The Transition Agreement provides that, in lieu of the severance benefits that Mr. Turpen would otherwise be entitled to receive under his current employment agreement, upon his separation from the Company following the Separation Date (or in the event the Company terminates Mr. Turpen’s employment without cause prior to the Separation Date), Mr. Turpen will be entitled to (1) a cash payment equal to $1,500,000 and (2) continued medical insurance benefits for a period of 12 months following the Separation Date. Mr. Turpen’s entitlement to such benefits is conditioned on his compliance with the Transition Agreement, including his execution of a customary release of claims in favor of the Company on or within seven days of the Separation Date.
The Transition Agreement further provides that Mr. Turpen will continue to be subject to the restrictive covenants set forth in his current agreement, with the non-solicitation and non-recruitment restrictions remaining in effect for a period of twelve months following the Separation Date.
The foregoing summary is qualified in its entirety by reference to the Transition Agreement, which is attached as Exhibit 10.1 to this current report on Form 8-K and which is incorporated by reference into this Item 5.02.
Item 8.01.    Other Events.
On February 22, 2021, the Company issued a press release announcing executive leadership appointments, a copy of which is filed as Exhibit 99.1 and incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits.

(d)    Exhibits
10.1    Transition Agreement, dated as of February 21, 2021, between the Company and John Turpen

99.1     Press Release announcing Additional Executive Leadership Appointments, dated February 22, 2021, issued by the Company

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 By: /s/ Julie Anderson
  Julie Anderson
Chief Financial Officer

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on:2/22/21
For Period end:2/21/21
12/31/2010-K,  13F-HR
 List all Filings 

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/03/21  Texas Capital Bancshares Inc./TX  424B2                  1:485K                                   Donnelley … Solutions/FA
 4/29/21  Texas Capital Bancshares Inc./TX  424B5                  1:482K                                   Donnelley … Solutions/FA
Filing Submission 0001077428-21-000023   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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