DALLAS - Texas Capital Bancshares, Inc. (NASDAQ:TCBI), the parent company of Texas Capital Bank, has announced the appointment of Mark Midkiff to its Board of Directors, effective June 1, 2024. Midkiff will also take on a role as a member of the Board’s Risk Committee.
Bringing nearly 30 years of experience in risk management, Midkiff's most recent position was as chief risk officer at KeyCorp (NYSE:KEY), where he reported to the CEO and managed various risk-related functions. His prior roles include serving as deputy chief credit officer at BB&T and as global chief risk officer at GE Capital, where he played a significant part in restructuring the Global Risk Management division.
Midkiff's career is marked by leadership positions that span across international markets, having directed risk management teams in over 20 countries. His expertise extends to serving on the Advisory Council of the International Association of Credit Portfolio Managers and holding board and executive committee memberships at ProSight.
Midkiff's educational background includes a Bachelor of Science in Business Administration and Management from the University of North Carolina at Chapel Hill, participation in Wachovia’s Executive Leadership Program at Duke University, and The Wharton/RMA Executive Risk Management Program.
Rob C. Holmes, president & CEO of Texas Capital, expressed confidence in Midkiff's appointment, highlighting his extensive experience and strategic leadership skills as valuable assets for the company's growth and navigation of the macroeconomic environment.
Texas Capital Bancshares, a member of the Russell 2000 and the S&P MidCap 400, was founded in 1998 and offers a range of financial services to businesses, entrepreneurs, and individual clients nationwide. Headquartered in Dallas, the company operates through additional offices in Texas and provides commercial banking, consumer banking, investment banking, and wealth management services.
This move to enhance the board's expertise in risk management comes as Texas Capital Bancshares continues to focus on driving sustainable growth and adapting to the changing economic landscape. The information in this article is based on a press release statement.
InvestingPro Insights
As Texas Capital Bancshares, Inc. (NASDAQ:TCBI) welcomes Mark Midkiff to its Board of Directors, investors are closely monitoring the company's financial health and market position. According to real-time data from InvestingPro, Texas Capital Bancshares has a market capitalization of $2.91 billion, reflecting its standing in the financial sector. The company's P/E ratio, an indicator of how much investors are willing to pay for a dollar of earnings, stands at 18.72, with a slight adjustment in the last twelve months as of Q1 2024 to 18.24, suggesting a stable valuation relative to its earnings.
Despite challenges in revenue growth, with a decline of 16.87% in the last twelve months as of Q1 2024, Texas Capital Bancshares has maintained a solid operating income margin of 27.49%, indicating effective cost management and operational efficiency. This financial resilience aligns with the strategic leadership that Midkiff is expected to bring to the company's risk management practices.
InvestingPro Tips also highlight that analysts forecast Texas Capital Bancshares to be profitable this year, reinforcing the company's financial outlook. However, it's worth noting that seven analysts have revised their earnings downwards for the upcoming period, which could signal caution for potential investors. Additionally, the company's weak gross profit margins are a point of concern, although its profitability over the last twelve months provides a counterbalance to this issue.
For investors seeking more in-depth analysis and additional InvestingPro Tips, the platform offers further insights into Texas Capital Bancshares, which could help in making more informed investment decisions. With the use of coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access more than four additional InvestingPro Tips related to TCBI.
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