Third Coast Bancshares said it will buy Great Plains Bancshares in an all-stock deal valued at about $239.6 million, with the combined company expected to have roughly $9 billion in assets once the transaction closes.
Under the agreement, Third Coast will issue 5,570,352 shares of common stock to Great Plains shareholders. After the exchange, Third Coast shareholders are expected to own about 78% of the combined company, while Great Plains shareholders will own about 22%.
Great Plains brings a 23-branch franchise across Oklahoma and Texas, while Third Coast currently operates 20 branches across the Houston, Dallas-Fort Worth and Austin-San Antonio markets. The deal would expand Third Coast’s Dallas presence and give it entry into Oklahoma.
The merger is expected to close in the first quarter of 2027. Two Great Plains representatives will join the boards of Third Coast and Third Coast Bank, and Great Plains CEO Mark Russell is set to remain in a leadership role after closing.
Third Coast said Great Plains will continue operating under the Great Plains brand as Great Plains Bank, a division of Third Coast Bank, while Third Coast will keep trading on the NYSE and NYSE Texas under the ticker TCBX. Following these announcements, the company's shares moved 0.3%, and are now trading at a price of $43.02. Check out the company's full 8-K submission here.
