Tectonic Financial, Inc. (TECTP)

Tectonic Financial, Inc. is a financial holding company headquartered in Dallas, Texas. It was incorporated in 2016 as T Acquisition, Inc. and changed its name to Tectonic Financial in May 2019. The holding company owns T Bank, N.A., a national bank, and a group of financial services subsidiaries.

T Bank provided commercial and consumer banking to high net worth individuals, small businesses and institutions. Its products included deposit accounts, commercial and real estate loans, construction loans, dental practice loans and consumer installment loans. The bank also operated specialized lending lines, and it used both branch and digital delivery channels.

Tectonic's non-bank subsidiaries offered wealth management, trust services, investment advisory, securities brokerage, third-party administration, recordkeeping, underwriting, factoring and insurance services. This fee-generating business was a distinguishing feature of the company compared with a typical community bank holding company of its size.

The company's 9.00 percent Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock was listed on the Nasdaq under the symbol TECTP and was issued in 2019. Tectonic's common stock was not listed on a national exchange, so the preferred stock was its only Nasdaq-listed security. As of the redemption announcement, 1,725,000 preferred shares were outstanding, with a total liquidation preference of $17.25 million.

In January 2026, Tectonic announced it would redeem all of the Series B preferred stock for cash at $10.00 per share, plus any declared and unpaid dividends, on or about February 17, 2026, subject to obtaining funds. The announcement said the Nasdaq listing would end as a result and that the company would deregister under the Securities Exchange Act.

The board cited the redemption and the cost savings from ending SEC reporting, such as lower accounting and legal fees. The company planned a Form 25 around the redemption date and a Form 15 around February 27, 2026, with the deregistration expected to take effect by late May 2026. Its financial statements would continue to be audited, and T Bank would continue to submit quarterly reports to its federal regulator.

The Tectonic case differs from a sale or merger: no outside party acquired the company, and its common stock was never listed, so the end of the preferred stock's life on Nasdaq meant that the company no longer had any publicly traded securities. The step reduces the volume of public information available on the company, although its bank subsidiary continues to be regulated and to file reports with its federal regulator.