#United States #Houston, Texas #Merger #Great Plains #Third Coast

Third Coast Bancshares and Great Plains Bancshares Announce Merger

In a strategic move set to reshape the banking landscape, Third Coast Bancshares, Inc. (“Third Coast”) and Great Plains Bancshares, Inc. (“Great Plains”) have officially confirmed a definitive merger agreement. The deal, which is valued at approximately $239.6 million, marks a significant milestone for both institutions and is positioned to create a banking entity with total assets exceeding $9 billion once completed.

Merger Details and Strategic Fit

The merger, finalized on October 7, 2026, will see Third Coast acquire Great Plains in an all-stock transaction. This decision is rooted in a shared commitment to community banking, aiming to enhance services and expand reach in the Dallas market while establishing Third Coast's presence in Oklahoma.

With over 100 years of combined history in serving the Oklahoma and Texas markets, both banks boast a culturally aligned ethos focused on relationship-driven banking practices. Third Coast, founded in 2008, has rapidly grown into a significant player in Texas’s banking sector, while Great Plains National Bank has a rich history as a trusted community bank operating 23 branches across Oklahoma and Texas.

Bart Caraway, Chairman and CEO of Third Coast, expressed enthusiasm about the merger: “We are thrilled to join forces with Great Plains, an exceptional franchise rooted in relationships across Oklahoma and North Texas. This combination will enhance our capabilities and strengthen our ability to serve businesses and communities.”

On the other hand, Mark Russell, CEO of Great Plains National Bank, emphasized the importance of shared values in this partnership, stating, “Third Coast's commitment to relationship banking and community investment makes this partnership a natural fit.”

Transaction Mechanics

The structure of the merger involves Thunder Merger Sub, Inc., a wholly-owned subsidiary of Third Coast merging into Great Plains. Shareholders of Great Plains will receive shares of Third Coast stock in exchange for their existing shares. Post-merger, Great Plains will operate under its brand as a division of Third Coast Bank, which will continue to trade on the NYSE under the ticker symbol TCBX.

The transition will lead to 5,570,352 new shares issued by Third Coast, with pro forma equity ownership divided approximately 78% to Third Coast shareholders and 22% to Great Plains shareholders. Furthermore, two representatives from Great Plains will join the boards of directors for Third Coast and Third Coast Bank, ensuring strong representation and continuity.

Approval Process and Future Outlook

This merger has received unanimous approval from the boards of directors for both entities, with the transaction expected to close in the first quarter of 2027, contingent upon the usual regulatory approvals and closing conditions. Additionally, it will require endorsement from the shareholders of both banks, emphasizing the collaborative nature of this landmark merger.

Caraway is optimistic about the transaction's future benefits, highlighting that it aims to create long-term value for all stakeholders while enhancing its service capabilities across its markets. The merger's potential synergies and a broader offer of products and services are expected to uplift customers and communities alike.

Importance of This Merger

This merger is particularly notable in the context of a rapidly evolving banking landscape, where community-focused banks face increasing competition from larger financial institutions and fintechs. The combined strengths of Third Coast and Great Plains position them uniquely to overcome these challenges by leveraging shared resources and industry expertise.

In conclusion, the merger of Third Coast Bancshares and Great Plains Bancshares is a promising development in the banking sector, reflecting a strategic alignment and commitment to fostering community relationships. As these two banks merge, they aim not just to grow in size but to enhance the services and support they provide to their customers. This merger represents a confident step forward toward creating a formidable force in the Texas and Oklahoma banking markets.

For further updates, interested stakeholders can visit the official websites of Third Coast and Great Plains.