Third Coast Bancshares to Acquire Great Plains in $239.6 Million All-Stock Deal

Key numbers

Deal value	$240M
Share of market cap	33.4%
Share of annual revenue	115.3%

Key highlights

• All-stock transaction valued at $239.6 million based on October 6, 2026, closing prices
• Third Coast will issue approximately 5.57 million common shares to Great Plains shareholders
• Pro forma ownership will be 78% for Third Coast and 22% for Great Plains stakeholders
• Acquisition provides entry into Oklahoma and expands the existing North Texas footprint
• Transaction expected to close in Q1 2027 pending regulatory and shareholder approvals

Deal Structure & Terms

• Consideration consists entirely of Third Coast common stock issued to Great Plains shareholders
• Two Great Plains representatives will be appointed to the boards of Third Coast and Third Coast Bank
• Great Plains National Bank will merge into Third Coast Bank upon completion of the transaction
• The acquired entity will operate as Great Plains Bank, a division of Third Coast Bank
• Great Plains CEO Mark Russell will continue in a leadership role within the combined company

Strategic Rationale

The acquisition marks a significant geographic expansion for Third Coast, transitioning the Humble, Texas-based institution into a multi-state operator. By acquiring Great Plains, Third Coast gains immediate access to the Oklahoma City market and inherits a 23-branch franchise across Oklahoma and Texas. This move leverages Great Plains' century-long operational history to bolster Third Coast’s relationship-driven community banking model. The deal follows a pattern of inorganic growth, including the 2025 acquisition of Keystone Bancshares, aimed at increasing scale and lending capacity in high-growth North Texas and neighboring corridors.

Financial Context & Market Position

Third Coast Bancshares currently holds a market capitalization of approximately $716.5 million, making the $239.6 million deal a substantial undertaking representing roughly one-third of its current equity value. The company reported annual revenue of $207.7 million and operates with a P/E ratio of 10.7x. This transaction coincides with management's recently reaffirmed target of $75 million to $125 million in net loan growth per quarter. Following the divestiture of its commercial capital unit for $27.5 million in July 2026, Third Coast has refocused its capital on core regional banking expansion.

Down 2.9% since our story on 7 Oct: $43.02 when we broke it → $41.78 at the close on 13 Oct. Daily closing prices. Source: Yahoo Finance.

Show the prices

14 Sep	$45.38
15 Sep	$45.24
16 Sep	$44.30
17 Sep	$44.40
18 Sep	$44.37
21 Sep	$44.05
22 Sep	$43.56
23 Sep	$42.93
24 Sep	$42.81
25 Sep	$43.25
28 Sep	$43.18
29 Sep	$42.60
30 Sep	$42.39
1 Oct	$42.87
2 Oct	$43.36
5 Oct	$42.89
6 Oct	$43.02
7 Oct	$41.27
8 Oct	$41.77
9 Oct	$41.34
12 Oct	$41.70
13 Oct	$41.78

Expansion Commentary

“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.”

Management commentary

“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.”

“Third Coast’s commitment to relationship banking, local leadership, and community investment makes this partnership a natural fit. 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.”

Third Coast Bancshares, Inc. · financial snapshot

Share price	$43.02
Market cap	$716M
Revenue (annual)	$208M
P/E (TTM)	10.7×
1-month price change	-4.10%
Sector	Financial ServicesBanks - Regional

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.