PlainsCapital postpones initial public offering

PlainsCapital Corp. announced Nov. 4 it will postpone its planned initial public offering, citing market swings in financial stocks.

The Dallas-based bank holding company said it will hold off until the market improves.

“The current market volatility, especially as it affects financial stocks, has created unfavorable conditions for the offering,” said Alan B. White, chairman and CEO of PlainsCapital Corp., in a press release. “We have decided to postpone the IPO and wait for an improved market environment.”

The company earlier said it planned to sell $15 million shares to raise about $141.5 million. It would then use $92 million of that amount to buy back preferred stock from the U.S. Treasury Dept. The stock was issued under the Treasury Dept.’s Capital Purchase Program, which provided funds to banks during the financial crisis.

rfrancis@bizpress.net