Third Coast Bancshares, Inc., the parent company of Third Coast Bank, announced it signed a definitive merger agreement with Great Plains Bancshares, Inc., the parent company of Great Plains Bank.
Third Coast will acquire Great Plains in an all-stock transaction, the companies said, valued at nearly $240 million. The combined company is expected to have assets exceeding $9 billion once the transaction is complete, officials said.
“We are thrilled to join forces with Great Plains, an exceptional franchise rooted in relationships across Oklahoma and North Texas, a talented team, and a well-earned reputation for doing right by its customers,” Bart Caraway, founder, chairman, President and CEO of Third Coast, said. “Together, we are creating a stronger organization with greater scale, expanded capabilities, and increased capacity to support our customers. This combination will strengthen our ability to serve businesses and communities across our markets while creating long-term value for all stakeholders.”
The partnership will create opportunities to combine two culturally aligned, relationship-driven community banks, while expanding Third Coast’s Dallas presence and establishing Third Coast’s entry into the Oklahoma market. Great Plans, headquartered in Oklahoma City, OK, has served its region for more than a century and operates a 23-branch franchise across Oklahoma and Texas.
“Great Plains was built on the belief that strong relationships create strong communities. As we looked to the future, it was important to find a banking partner that shared that belief. Third Coast’s commitment to relationship banking, local leadership, and community investment makes this partnership a natural fit,” Mark Russell, CEO of Great Plains National Bank, said. “Together, we can honor our heritage, expand opportunities for our customers and employees, and advance our shared purpose of growing communities throughout the markets we serve.”